Question

Look for the pocket guide that contains the IFRS Standards.

Explain how IFRS standards are developed and how many there are.

Indicates who is required to comply with IFRS.

The IFRS guide details, by country, the accounting standards required by public entities that each follows. It chooses three countries: one in Central America, one in Asia and one in Europe and briefly summarises what these standards consist of.

From the 16 IFRS standards presented, choose one of them, the one you understand is most relevant, and summarize it in your own words.

Can you imagine a world where IFRS did not exist? Detail your answer.

Answer 1

IFRS are established by the International accounting standards board. There are 16 IFRS. The details are as under:
The IFRS were originally called as IAS. Thise IAS were issued between 1973 and 2001 by the Board of International Accounting Standard Committee - ou Ist April, 2001 ob IASC board took over the responsibelity to develop the standard internationally. And these new standard called as IFRS. There are 16 IFRS standards to be compleed The IFRS are referred Ты - hts Сонираше. Ал In Americas The domestic publicly accountable of entities the Americes are recorred to report Under IFRS. obriod so sullov In Americas there are 27 junadiction However is Outed staten foreign private Issuers are pernuted to use IFRS.

Ти на ја - 25 Junsdiction in Asia refore standard to be applied by all all of their adomestic publicly companies over will do it IFRA most trading In Europe i 43 Jurediction publicelly treded to report Unele i Europe recorre the domestic compama IFRS. IFRS-1 - Tom Arrangement " To Identify whether au cutity Jount has a Arrangement, - If it į a Jout Aralement weither Jourt operation or Tout reuture Under this one of the two parties have you! Contal over activities Under Tount reuture the reaturer have rights to the net Aesels. However u Jourt operation the operator has reguls to Assets and labilities

Joint reutures - Apple a belety Methool Jout operation Account for the Assels I llibilities, revenue and eupenses releting to its interest is a Joul operation in acerdonce with Releraul IFRS.