The first International Accounting Standard (IAS) was issued back in 1975 and in the UK, the application of IFRS became mandatory for listed companies in 2005 thanks to the European Commission (EC) and its ‘IAS Regulation’.
The IFRS standards have come to be the principal accounting framework for international businesses, replacing many different national accounting standards and providing a common global language for business affairs that improve financial transparency by bringing consistency to company accounts. IFRS adopters also benefit from increased opportunity for cross-border investment and financing.
2018 has been a busy year for IFRS reporters – as well as IFRS 9, the new standard on revenue, IFRS 15, became effective from the start of the year. So that you can keep track of the changes and stay updated, this essential IFRS financial reporting guide covers everything you need to know about IFRS and how to maximise efficiency and accuracy of your financial reporting.
This IFRS guide covers:
The application of IFRS
Using the conceptual framework to improve reporting consistency
What's included in IFRS financial statements
Understanding fair value measurement
Using fair value in IFRS 9 financial instruments
Getting to grips with IFRS 15: Revenue from contracts with customers