How many ifrs accounting standards are there

Work with us. Why global accounting standards? Adoption and copyright. News and resources. IFRS Translations. Editorial corrections. IFRS Taxonomy. Supporting consistent application. Work plan. Updated on : May 04, - PM. The field of financial reporting in India has seen major changes in the last 5 years. As the trade increasingly moves beyond the national boundaries, the compliance and reporting requirements move too.

Presenting the financial statements of an entity in accordance with the reporting requirements of every country it has a presence in, is becoming increasingly difficult. What actions are being taken that could allow private companies to follow IFRS? It consists of 15 members from multiple countries, including the United States.

It is funded by contributions from major accounting firms, private financial institutions and industrial companies, central and development banks, national funding regimes, and other international and professional organizations throughout the world.

Approximately nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports.

For many years, the SEC has been expressing its support for a core set of accounting standards that could serve as a framework for financial reporting in cross-border offerings. In the release, the SEC stated its continued belief that a single set of high-quality globally accepted accounting standards would benefit U.

The release also called for the development of a work plan the "Work Plan" to enhance both the understanding of the SEC's purpose and public transparency in this area. The report did not recommend a specific course of action.

There is currently no estimated date for when such a decision might be made. By adopting IFRS, a business can present its financial statements on the same basis as its foreign competitors, making comparisons easier. Furthermore, companies with subsidiaries in countries that require or permit IFRS may be able to use one accounting language company-wide.

Companies may also benefit by using IFRS if they wish to raise capital abroad. IFRS 8 Operating segments 9. IFRS 9 Financial instruments IFRS 10 Consolidated financial statements IFRS 11 Joint arrangements IFRS 12 Disclosure of interests in other entities IFRS 13 Fair value measurement IFRS 14 Regulatory deferral accounts IFRS 15 Revenues from contracts with customers IAS 1 Presentation of financial statements 2.

IAS 2 Inventories 3.