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| International Financial Reporting Standards (IFRS) |
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| International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements. The purpose of IFRS is to promote the synchronization of accounting standards and to create a common platform for better understanding of accounting, internationally. |
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| The major reporting standards are as under: |
- IFRS 4 Insurance Contracts: This IFRS identifies the amounts in financial statements arising from insurance contracts and helps users of those financial statements understand the amount, timing and uncertainty of future cash flows from insurance contracts.
- IFRS 10 Consolidated Financial Statements: It outlines the requirements for the preparation and presentation of Consolidated Financial Statements.
- IFRS 13 Fair Value Measurement: It requires to estimate the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions.
- IFRS 15 Revenue recognition of contract from customers: It requires that to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.
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