Question

DEFINE AND STATE THE OBJECTIVE AND SCOPE OF THE EACH OF THE IFRS STANDARDS

Answer 1

IFRS 1

The objective of IFRS 1 is to make sure that a reporting entity who adopts IFRS as its financial reporting basis prepares financial statements that: are transparent for users and comparable over all the periods presented; provides a suitable starting point for reporting under IFRS;

IFRS 2

The Objective of IFRS 2 is to specify the financial reporting by an entity when it undertakes a share based payment transaction. ... IFRS 2 as issued by the IASB requires share based payments to be treated as an expense. The amount charged as an expense will be measured at the fair value of goods or services received.

IFRS 3

The objective of IFRS 3 Business Combinations is to improve the relevance, reliability and comparability of the information that a reporting entity provides in its financial statements about a business combination and its effects.

IFRS 4

IFRS 4 is applicable for annual reporting periods commencing on or after 1 January 2005. The objective of IFRS 4 is to specify the financial reporting for insurance contracts by any entity that issues such contracts (described in IFRS 4 as an insurer).

IFRS 5

Objective of IFRS 5

IFRS 5 focuses on two main areas: It specifies the accounting treatment for assets (or disposal groups) held for sale, and. It sets the presentation and disclosure requirements for discontinued operations

IFRS 6

The objective of IFRS 6 is to specify the financial reporting for the exploration for and evaluation of mineral resources. The principal objective of IFRS 6 is to limit the need for entities to change their existing accounting policies for exploration and evaluation assets.

IFRS 7

The objective of IFRS 7 is to provide disclosures in their financial statements that enables users to evaluate the significance of financial instruments for the entity's financial position and performance as well as the nature and extent of risks arising from financial instruments to which the entity is exposed during ...

IFRS 8

The objective of IFRS 8 is characterised in paragraph 1 as a 'core principle' and states that an entity must: “Disclose information to enable users of its financial statements to evaluate the nature and financial effects of the different business activities in which it engages and the economic environments in which it ...

IFRS 9

The objective of IFRS 9 is to establish principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of the entity's future cash flows.

IFRS 10

The objective of IFRS 10 as set out in the standard is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities.

NOTE - PLEASE MAKE QUESTIONS FOR 2 TO 5 IFRS TOGETHER . ITS VERY DEFUCALTY AND TIME CONSUMING TO GIVE ANS All IFRS TOGETHER