This course is an overview and is designed to help students and professionals understand the principles underpinning the reporting standards. The course gives a quick overview on IFRS History, Need for a single set of high quality, global accounting standards, Objectives and characteristics of Financial Reporting, Differences between rule based and principles based standards, and its Applicability , Opportunities and Challenges in Indian Context.
International Financial Reporting Standards (IFRS) are a fixed set of international accounting standards maintaining how certain kinds of transactions and other proceedings should be stated in financial statements. IFRS are handed out by the International Accounting Standards Board (IASB), and they lay down how exactly accountants must maintain and report their accounts. The objective of IFRS upon its establishment was to have a common accounting language in order, for businesses and companies from across the globe.