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.
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.
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
|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|