Here's a brief overview of all key IFRS Standards:
IFRS 1: First-time Adoption of IFRS
Provides guidelines for entities adopting IFRS for the first time to ensure transparent and comparable financial statements.
IFRS 2: Share-based Payment
Deals with the accounting of transactions where an entity receives goods or services in exchange for its equity instruments (shares).
IFRS 3: Business Combinations
Establishes the method of accounting for business combinations using the acquisition method.
IFRS 4: Insurance Contracts
Provides guidance on the financial reporting of insurance contracts.
IFRS 5: Non-current Assets Held for Sale and Discontinued Operations
Outlines how to account for assets that are held for sale and discontinued operations.
IFRS 6: Exploration for and Evaluation of Mineral Resources
Provides guidance on the financial reporting of exploration and evaluation activities related to mineral resources.
IFRS 7: Financial Instruments: Disclosures
Requires entities to disclose information about the significance of financial instruments and the risks they face.
IFRS 8: Operating Segments
Requires entities to disclose information about their operating segments, products and services, geographical areas, and major customers.
IFRS 9: Financial Instruments
Provides guidelines on the recognition, measurement, and derecognition of financial instruments, along with impairment and hedge accounting.
IFRS 10: Consolidated Financial Statements
Sets principles for presenting consolidated financial statements when an entity controls one or more other entities.
IFRS 11: Joint Arrangements
Focuses on the accounting of joint operations and joint ventures based on the entity's rights and obligations.
IFRS 12: Disclosure of Interests in Other Entities
Specifies disclosure requirements for entities with interests in subsidiaries, joint arrangements, associates, and unconsolidated structured entities.
IFRS 13: Fair Value Measurement
Provides a single framework for measuring fair value and related disclosures.
IFRS 14: Regulatory Deferral Accounts
Permits first-time adopters to continue recognizing amounts related to rate-regulated activities.
IFRS 15: Revenue from Contracts with Customers
Establishes a five-step model for recognizing revenue from contracts with customers.
IFRS 16: Leases
Introduces a single lessee accounting model, requiring lessees to recognize assets and liabilities for most leases.
IFRS 17: Insurance Contracts
Replaces IFRS 4 and provides more transparent and consistent accounting for insurance contracts.
IFRS for SMEs:
A simplified version of IFRS tailored for small and medium-sized entities, with reduced disclosures and simplified standards.
These IFRS Standards aim to provide a common global language for financial reporting, improving consistency, transparency, and comparability.
