IFRS | International Financial Reporting Standards | Meaning, & Importance Explained | IASB, IASC |

Description International Financial Reporting Standards (IFRS) are a globally accepted set of accounting standards developed by the International Accounting Standards Board (IASB), London. IFRS is becoming the global standard for the preparation and presentation of public company financial statements. In this video, we explain IFRS in brief detail, including its history, structure, objectives, and major standards. The International Accounting Standards Committee (IASC) was established in 1973 and issued International Accounting Standards (IAS) from 1973 to 2000. In 2001, the IASB replaced the IASC and adopted all 41 IASs, later amending some and replacing others with new IFRS standards. This video also explains the structure of IFRS governance, including: • Monitoring Board • IFRS Foundation • Trustees • IASB • IFRS Interpretations Committee You will clearly understand that financial statements cannot be described as complying with IFRS unless all applicable standards and interpretations are followed. 📘 IFRS Standards Covered in This Video: ✅ IFRS 1 – First-time Adoption of IFRS Objective, opening IFRS statement of financial position, recognition, reclassification, and measurement of assets and liabilities. ✅ IFRS 2 – Share-based Payment Accounting treatment of equity-settled, cash-settled, and choice-based share payment transactions. ✅ IFRS 3 – Business Combinations Recognition and measurement of identifiable assets, liabilities, goodwill, bargain purchase, and disclosure requirements. ✅ IFRS 4 – Insurance Contracts Accounting treatment and disclosure of insurance contracts, risks, and future cash flows. ✅ IFRS 5 – Non-current Assets Held for Sale & Discontinued Operations Measurement, presentation, and disclosure of assets held for sale and discontinued operations. ✅ IFRS 6 – Exploration for and Evaluation of Mineral Assets Accounting treatment of exploration and evaluation expenditures and disclosure requirements. ✅ IFRS 7 – Financial Instruments: Disclosures Disclosures relating to financial instruments, risk management, qualitative and quantitative risk information. ✅ IFRS 8 – Operating Segments Segment reporting, segment profit or loss, assets, liabilities, revenues, and geographical information. This video is highly useful for accounting students, CA, CS, CMA, MBA, B.Com, M.Com students, and anyone who wants a clear introduction to IFRS. #IFRS #InternationalFinancialReportingStandards #AccountingBasics #FinancialAccounting #Accountancy #CommerceStudents