Question

STATE THE SCOPE AND OBJECTIVE OF EACH OF THE 45 IFRS STANDARDS

Answer 1

Answer: Summasized the given question, SCOPE Of IFRS: -> IASB standards are knocon as Intematichal Financial Repooting Standards, => All International Accounting Standorods (IAS) and Interpretations issued by the former IASC and SIC continue to be applicable unless and until they are amended of withdraw n. IFRS's apply to the general propose financial statements and other financial reporting by profit -oriented entities- those engaged in commercial, industrial, financial and similar activities, regardless of their legal form. Entities other than profit oriented business entities may also find IFRSs appoopoiate. General propose of financial statements are intended to meet the common needs of shareholders, creditors, employees, and the public at large for information about an entity's financial position, cash flows. IFRS apply to individual company & consolidated financial statements. A complete set of financial statements includes a statement of financial position, performance and

a statement of comprehensive income a statement of cash flows, a statement of changes in equity, a summeroy of accounting policies and explanatroy notes . when a seperate income statement is presented in accordance with IAS 262007) it is part of that complete set. In developing standards, IASB intends not to permit choices in accounting treatment further, IASB intends to reconsider the choices in existing IASS with a view to reducing the norof. those choices. IFRS will present fundamental poinciples in bold face type and other guidance in non- bold type; par agraphs of both types have equal authority. → The provision of IAS-1 Presentation of financial statements that confirmity with IAS requires compliance with every applicable IAS and interpretation se qurtes compliance with all IFRSs as well.

Objective of Ifrs! The objective of If Rs. is to set out the international accounting Standard Beards LASE!) mission and objective, the scope of International financial Reporting Standards (IFRSs) due process for developing IfPS and Interpretations and policies on effective dates format, and languages for IFRSs. IASB's Objectives: Under the IFRS foundation Constitution, the objectives of the IASB are; (1) To develop, in the public interest, a single Set of high quality, understandable, Enforceable and globally accepted foroccal Deporting standards based upon clearly articulated poinciples. These standard should require high quality, transparent and comparable information in financial statements and other financial Seporting to help investors, other posticipants in the world's capital markets and other wers of financial information make economic decisions, (xi) To promote the use and rigorous application of those standards; (10) In fulfilling the objectives associated with (a) a (b) to take account of, as

appropriate the needs of a range of sizes and types of entities in diverose economic settings, and () TO poomote and facilitate adoption Iffs's being the standards and interpretations issued by the IASB, through the convergence of national accounting standards a Ifrs's. *
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