International Financial Reporting Standards (IFRSs) - An Overview

Abstract

The International Financial Reporting Standards (IFRS) aims to make International Financial Reporting Comparisons as easy as possible because each country has its set of accounting rules, over the years the use of IFRS has emerged as widely used and accepted standards in the world with more than 12000 companies and over 100 Countries accepting and mandating its implementation. At presents India aim to be joining IFRS club from the financial year 2011 to include, all listed companies, all banking companies, all financial institutions, all scheduled commercial banks, all insurance companies and all NBFC.