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IFRS Standards are set by the International Accounting Standards Board (IASB Board) and are used primarily by publicly accountable companies—which are listed on a stock exchange and by financial institutions, such as banks.

Standards set by the Board's predecessor body, the International Accounting Standards Committee, are called IAS Standards. These Standards have the same status as the IFRS Standards.

The impact of adoption of IFRS stretches far beyond accounting and financial reporting to affect key business decisions. Access to up-to-date guidance and timely advisory is essential revised standards are implemented. Consistent interpretation and application is also important for companies operating in a global environment.

Go Global with IFRS

Over the past years Cross border transactions trade and flow of international capital has grown remarkably, completely transforming the global economy, ultimately gave rise to highly competitive market.

Understanding this transformation is as important as understanding the importance of financial information interpretation and presentation.

IFRS - Why so Important?

  • Encouraging Investment Opportunities :
  • Financial statements prepared using IFRS – Globally accepted accounting standards help investors in better understanding of investment opportunities as compared to financial statements prepared using a different set of national accounting standards.
  • Comparability of financial statements of any two companies anywhere in the world.
  • Same language helps in better undertanding of competetion and hence strengthen our business.
  • Better ability to attract more clientele.
  • Increasing the confidence of users of financial statements.
  • For multinational companies :
    • Consolidation of group financials made easier.
    • Access to International funds made easier.
    • Accounting and Audit function made easier.
    • Compliance with capital markets worldwide made easier.
    • Mergers & Acquisition made easier

Even a small difference in requirements could have a major impact on a company’s reported financial performance and financial position – Make Wise decision and Go global with IFRS & M Al Ali Auditing

No. Name Effective Date
IFRS 1 First time adoption of International Financial Reporting. 1st July 2009
IFRS 2 Share Based Payment 1st January 2005
IFRS 3 Business Combinations 1st July 2009
IFRS 4 Insurance Contracts 1st January 2005
IFRS 5 Non- current assets held for sale and discontinued Operations 1st January 2005
IFRS 6 Exploration for and Evaluation of Mineral Resources 1st January 2006
IFRS 7 Financial Instruments 1st January 2007
IFRS 8 Operating Segments 1st January 2009
IFRS 9 Financial Instruments 1st January 2018
IFRS 10 Consolidated Financial Statements 1st January 2013
IFRS 11 Joint Arrangements 1st January 2013
IFRS 12 Disclosure of Interests In Other Industries 1st January 2013
IAS 10 Events After The Reporting Period 1st January 2005
IAS 12 Income Taxes 1st January 1998
IAS 16 Property, Plant & Equipment 1st January 2005
IAS 19 Employee Benefits 1st January 2013
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance 1st January 1984
IAS 21 The Effects Of Changes in Foreign Exchange Rates 1st January 2005
IAS 23 Borrowing Cost 1st January 2009
IAS 24 Related Party Disclosures 11st January 2011
IAS 26 Accounting and Reporting by Retirement Benefit Plans 1st January 1988
IAS 27 Separate Financial Statements 1st January 2013
IAS 28 Investment in Associates and Joint Ventures 1st January 2013
IAS 29 Financial Reporting in Hyperinflationary Economies 1st January 1990
IAS 32 Financial Instruments 1st January 2005
IAS 33 Earnings Per Share 1st January 2005
IAS 34 Interim Financial Reporting 1st January 1999
IAS 36 Impairment Of Assets 31st March 2004
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1st July 1999
IAS 38 Intangible Assets 31st March 2004
IAS 40 Investment Property 1st January 2005
IAS 41 Agriculture 1st January 2003

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