State and explain the objectives of all the 45 IFRS Standard
Note: This Answer is from the official website of FSB.
The International Accounting Standards Board (the Board) was established in 2001 and is the independent standard-setting body of the IFRS Foundation, an independent, private sector, not-for-profit organisation working in the public interest. Its principal objectives are:
The governance and oversight of the activities undertaken by the IFRS Foundation and its standard-setting body rests with a geographically and professionally diverse body of Trustees, who are also responsible for safeguarding the independence of the Board and ensuring the financing of the organisation. The Trustees are publicly accountable to a Monitoring Board of public authorities. The Board is an independent group of experts with an appropriate mix of recent practical experience in setting accounting standards; in preparing, auditing, or using financial reports; and in accounting education. Broad geographical diversity is also required. Members are appointed by the Trustees through an open and rigorous process that includes advertising vacancies and consulting relevant organisations. The IASB has 14 full-time members. The Board develops and maintains a set of accounting requirements collectively referred to as International Financial Reporting Standards (IFRS Standards). IFRS Standards are a set of high quality, understandable, enforceable and globally accepted Standards based up on clearly articulated accounting principles. The Board has no authority to impose those Standards. However, entities that wish, or are required by a particular jurisdiction, to assert compliance with IFRS Standards must comply with all of the individual IFRSs Standards and IFRS Interpretations (Interpretations) issued by the Board. IFRS Standards generally contain principles and accompanying application guidance, both of which are mandatory and carry equal weight. Some Standards also include illustrative examples or implementation guidance, neither of which is part of IFRS Standards. They are therefore not mandatory. Each Standard and Interpretation has a basis for conclusions that explains the Board's reasons for developing the particular requirements. The basis for conclusions is not part of IFRS Standards and is therefore also not mandatory. Additionally, the Board has a Conceptual Framework for Financial Reporting (the Framework). This Framework is designed to help the Board develop IFRS Standards. The Framework is also designed to help those applying IFRS Standards address matters not covered by IFRS Standards. However, the Framework is not a Standard and the accounting requirements in an IFRS Standards take precedence over the Framework. The Board develops IFRS Standards in the public interest. Through the Board's due process, it consults and engages with investors, regulators, business leaders and the global accountancy profession at every stage of the process, whilst maintaining collaborative efforts with the worldwide standard-setting community. In developing IFRS Standards and Interpretations the Board publishes and seeks public comment on Discussion Papers and Exposure Drafts. Those documents are not part of IFRS Standards. The IFRS Interpretations Committee is the interpretative body of the Board. The Interpretations Committee has 14 voting members appointed by the Trustees, and its members are drawn from a variety of countries and professional backgrounds. The Interpretations Committee's mandate is to review on a timely basis widespread accounting issues that have arisen within the context of current IFRS Standards and to provide authoritative guidance (IFRIC Interpretations) on those issues. The Interpretations Committee also develops proposals for narrow scope amendments to IFRS Standards on behalf of the Board. In developing Interpretations and narrow scope amendments, the Interpretations Committee follows a transparent, thorough and open due process. However, it is the Board that issues Interpretations and narrow scope amendments and the Board that considers and votes on each Interpretation and narrow scope amendment before it is issued. As well as IFRS Standards, the Board has issued an IFRS Standard for SMEs, to meet the needs and capabilities of small and medium-sized entities (SMEs) and users of their financial statements. Any company of any size is eligible to use the IFRS Standard for SMEs, provided it does not have public accountability. An entity has public accountability if it is publicly traded, or if it is a financial institution or similar entity. The IFRS Standard for SMEs is based on IFRS Standards but is much less complex.
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state the objectives for each of the IFRS standards
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what are the objective and scope for each of the 45 IFRS standard
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