IFRS Standards

IFRS 5 provides guidelines for the accounting and presentation of non-current assets or disposal groups classified as held for sale, […]

IFRS 4 focuses on the accounting for insurance contracts and reinsurance contracts, providing a comprehensive framework that insurers must follow while ensuring consistency in financial reporting.

ExxonMobil acquired a stake in Rosneft, a Russian oil company, they applied the equity method of accounting because they had significant influence but not control. The lack of control altered the way ExxonMobil reported their financial results from the acquisition.

IFRS 3 helps ensure transparency and consistency in how companies account for business combinations. It provides clear guidelines on recognizing and measuring assets, liabilities, and goodwill, while enhancing investor confidence by providing detailed disclosures on the financial impact of acquisitions.

(IASB) that governs the recognition, measurement, and disclosure of share-based payment transactions. It ensures the cost of transactions involving equity instruments or cash-settled payments tied to an entity’s share value is transparently reported.

IFRS 1 is the go-to standard for entities transitioning to International Financial Reporting Standards (IFRS) for the first time. It lays down a framework to ensure a smooth, consistent, and transparent transition for financial reporting. Let’s dive into its details! 🕵️‍♂️

Developed and maintained by the International Accounting Standards Board (IASB), IFRS aims to enhance transparency, accountability, and comparability in financial statements, enabling global investors, regulators, and stakeholders to make informed decisions. 🌟