Tuesday, 20 October 2015

IFRS - The International Financial Reporting System


  • The IFRS is a single language of financial accounting. 
  • It enables comparability of financial statements all over the world and lead to an increase the mobility of capital.


  • IFRS-4 was merged with the Indian Accounting standards during 2012. 
  • The IFRS will be adopted by more than 150 countries by 2015.
  • IFRS-4 is for Insurance contracts

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