International Financial Reporting Standards

International Financial Reporting Standards
  • IFRS 1 Adoption of International financial reporting standards – Outlines the procedures that have to be followed when adopting IFRSs for the first-time.
  • IFRS 2  Share-based Payments– Requires company’s to state share-based payment transactions  in the financial statements including other transactions such as employees or other parties.
  • IFRS 4 Insurance Contracts- Outlines the accounting treatment for all insurance contracts such as reinsurance contracts.
  • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations- Outlines how non-current assets held for sale should be dealt with.
  • IFRS 6 Exploration for and Evaluation of Mineral Resources – Outlines the effects of allowing a business to use accounting policies to explore and evaluate assets before the IFRS is adopted.
  • IFRS 7 Financial instruments: Disclosures- Outlines the requirement of disclosing information about financial instruments to a business and the nature/risk associated with the financial instrument.
  • IFRS 9 Financial instruments- Outlines the accounting requirement and measurement for financial instruments.
  • IFRS 10 Consolidated Financial Statements- Outlines the requirement for the preparation and presentation of consolidated financial statements.
  • IFRS 11 Joint arrangements- Outlines the accounting for businesses that jointly control an arrangement.
  • IFRS 12 Disclosure of interest in other businesses- Outlines the requirement to disclose a business’s interest in subsidiaries etc.
  • IFRS 13 Fair value measurementOutlines the IFRS framework for measuring fair value and require disclosure of fair value measurements.

For a more detailed explanation of each accounting standards click here