In this article an exposure is given on the basics of International Financial Reporting Standards (IFRS).

The International Accounting Standards Board issued the revised version of the International Accounting Standard 2, Inventories. This article presents a closer look of standard (objective, scope, definitions, measurement and disclosures.

The International Accounting Standards Committee issued the the International Accounting Standard 7, Cash Flow Statements. The objective of IAS 7 is to require the presentation or provision of information about the historical changes in cash and cash equivalents of an enterprise by means of a...

The International Accounting Standards Board issued the revised version of the International Accounting Standard 8, Accounting Policies, Changes in Accounting Estimates and Errors. The objective of IAS 8 is to prescribe the criteria for selecting, applying and changing accounting policies,...

The article explains the status of adoption of IFRSs in the major countries of the world. Study of the strategy adopted by other nations in convergence with IFRS can teach valuable lessons to ensure that convergence as envisaged in India becomes a reality as per the schedule.

The International Accounting Standards Committee issued the the International Accounting Standard 17, Leases. The objective of IAS 17 is to prescribe, for lessees and lessors, the appropriate accounting treatment and disclosures to apply in relation to leases. This article presents a closer look...

The International Accounting Standards Committee issued the the International Accounting Standard 18, Revenue. The objective of IAS 18 The objective of IAS 18 is to prescribe the accounting treatment of revenue arising from certain types of transactions and events, namely the sale of goods, the...

The International Accounting Standards Committee issued the the International Accounting Standard 19, Employee Benefits. The objective of IAS 19 is to is to prescribe the accounting and disclosure for employee benefits (that is, all forms of consideration given by an enterprise in exchange for...

The International Accounting Standards Committee issued the the International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance. The objective of IAS 20 is to prescribe the accounting treatment for, and disclosure of, government grants and other...

The International Accounting Standards Committee issued the the International Accounting Standard 21, The Effects of Changes in Foreign Exchange Rates. An entity may carry on foreign activities in two ways. It may have transactions in foreign currencies or it may have foreign operations. In...