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 [...]
The Pros and Cons of Adopting IFRS by Lei Shi
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by the International Accounting Standards Board (IASB). IFRS has been adopted by more than 12,000 companies in over 100 nations and is becoming the global standard for the preparation of financial statements of public companies throughout the world. However, in the U.S., GAAP (General Accepted Accounting Principles) is applied. Recently, the G20 leaders have called for significant progress towards moving to one set of high-quality global accounting standards. [...]
The IFRS Edge
The International Financial Reporting Standards (IFRS) have rapidly emerged as a globally accepted accounting framework. Many countries have started adopting IFRS across the globe and India will be converging with IFRS from April 2011 in a phased manner as committed by the ICAI. Currently, India has an extremely limited pool of resources that have any form of training or experience in IFRS. To broaden the pool of trained resources, it is important to incorporate IFRS training in colleges, universities, and [...]
Piron in association with Reliance to extend IFRS Classes
PIRON in association with Reliance Web World Ltd extends classes of IFRS diploma, set and accredited by ACCA, in 105 cities of India through the Video Conferencing mode. Tier 2 & 3 cities to benefit through the Online video conferencing mode with high interactivity levels. PIRON is Gold Approved Learning Partner of ACCA, world’s Largest Accounting body. ACCA is recognized and respected across the world, thus creating huge job opportunities after gaining this IFRS qualification. Piron plans to start the [...]
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