IFRS 7 Financial Instruments: Disclosures
IFRS requires certain disclosures to be presented by category of instrument based on the IAS 39 measurement categories. Certain other disclosures are required by class of financial instrument. For those disclosures an entity must group its financial instruments into classes of similar instruments as appropriate to the nature of the information presented.
IFRS 1 : First Time Adoption of IFRS
An entity moving for the first time from national GAAP to IFRS should apply these requirements. The basic requirement is full retrospective application of all IFRSs effective at the reporting date for an entity’s first IFRS financial statements. However, there are a number of exemptions and four exceptions to the requirement for retrospective application. The exemptions cover standards for which the IASB considers that retrospective application could prove to be too difficult or could result in a cost likely to [...]
Need to Converge from IGAAP to IFRS
Piron proudly takes the responsibility of creating IFRS awareness and providing end to end services in IFRS expertise with Piron – education, consulting and BPO to meet all possible requirements. PIRON presses the need to converge from IGAAP to IFRS as it holds significant business implications. Consistent, comparable and understandable financial information is the lifeblood of commerce and investing. Presently, there are many sets of reporting standards applicable in different parts of the world. In search of a new financial [...]
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