{"id":2222,"date":"2019-08-05T22:30:02","date_gmt":"2019-08-05T22:30:02","guid":{"rendered":"https:\/\/commerceiets.com\/?p=2222"},"modified":"2019-08-05T22:30:02","modified_gmt":"2019-08-05T22:30:02","slug":"ifrs","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/ifrs\/","title":{"rendered":"IFRS"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/ifrs\/#IFRS\" title=\"IFRS\">IFRS<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/ifrs\/#ASSUMPTIONS_UNDER_IFRS\" title=\"ASSUMPTIONS UNDER IFRS\">ASSUMPTIONS UNDER IFRS<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/ifrs\/#GOING_CONCERN_ASSUMPTION\" title=\"GOING CONCERN ASSUMPTION\">GOING CONCERN ASSUMPTION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/commerceiets.com\/ifrs\/#ACCRUAL_BASIS_ASSUMPTION\" title=\"ACCRUAL BASIS ASSUMPTION\">ACCRUAL BASIS ASSUMPTION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/commerceiets.com\/ifrs\/#MEASURING_UNIT_ASSUMPTION\" title=\"MEASURING UNIT ASSUMPTION\">MEASURING UNIT ASSUMPTION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/commerceiets.com\/ifrs\/#CONSTANT_PURCHASING_POWER_ASSUMPTION\" title=\"CONSTANT PURCHASING POWER ASSUMPTION\">CONSTANT PURCHASING POWER ASSUMPTION<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/commerceiets.com\/ifrs\/#NEED_OR_OBJECTIVES_OF_IFRS\" title=\"NEED OR OBJECTIVES OF IFRS\">NEED OR OBJECTIVES OF IFRS<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/commerceiets.com\/ifrs\/#EASY_TO_ACCESS_THE_GLOBAL_MARKETS\" title=\"EASY TO ACCESS THE GLOBAL MARKETS\">EASY TO ACCESS THE GLOBAL MARKETS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/commerceiets.com\/ifrs\/#EASY_TO_MAKE_COMPARISONS\" title=\"EASY TO MAKE COMPARISONS\">EASY TO MAKE COMPARISONS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/commerceiets.com\/ifrs\/#UNIFORMITY_IN_FINANCIAL_REPORTING\" title=\"UNIFORMITY IN FINANCIAL REPORTING\">UNIFORMITY IN FINANCIAL REPORTING<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/commerceiets.com\/ifrs\/#LOWER_COST_OF_CAPITAL_RAISED_ABROAD\" title=\"LOWER COST OF CAPITAL RAISED ABROAD\">LOWER COST OF CAPITAL RAISED ABROAD<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/commerceiets.com\/ifrs\/#TRUE_AND_FAIR_VALUATION_OF_INVESTORS\" title=\"TRUE AND FAIR VALUATION OF INVESTORS\">TRUE AND FAIR VALUATION OF INVESTORS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/commerceiets.com\/ifrs\/#DETECT_FRAUDS_AND_MANIPULATION_OF_ACCOUNTS\" title=\"DETECT FRAUDS AND MANIPULATION OF ACCOUNTS\">DETECT FRAUDS AND MANIPULATION OF ACCOUNTS<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"has-text-align-center wp-block-heading\" id=\"ifrs\"><span class=\"ez-toc-section\" id=\"IFRS\"><\/span>IFRS<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p class=\"has-medium-font-size\">IFRS stands for International Financial reporting Standards. These are the standards issued by the International <a href=\"https:\/\/commerceiets.com\/accounting-standards\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Accounting Standard (opens in a new tab)\">Accounting Standard<\/a> Board. It also covers the wide range of International Accounting Standards issued by the International Accounting Standard Committee. IFRS has replaced the GAAP (Generally Accepted Accounting Principles).<\/p>\n\n\n\n<p class=\"has-medium-font-size\">These standards are to be used by the business organisations\nthat are engaged in commercial, financial, industrial and other similar\nactivities.<\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"assumptions-under-ifrs\"><span class=\"ez-toc-section\" id=\"ASSUMPTIONS_UNDER_IFRS\"><\/span>ASSUMPTIONS UNDER IFRS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h4 class=\"has-text-align-left wp-block-heading\" id=\"going-concern-assumption\"><span class=\"ez-toc-section\" id=\"GOING_CONCERN_ASSUMPTION\"><\/span><strong>GOING CONCERN ASSUMPTION<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">As per this assumption, it is assumed that business will continue to operate for the indefinite period of time in future. The transactions are recorded in the books of accounts assuming that the business is a continuing enterprise.<\/p>\n\n\n\n<p class=\"has-pale-cyan-blue-background-color has-background has-medium-font-size\"><strong>IMPLICATIONS OF GOING CONCERN CONCEPT<\/strong><\/p>\n\n\n\n<ul><li>Assets are to be recorded at a cost price or original price.<\/li><li>Depreciation is to be provided on assets.<\/li><li>Identification of short term assets or long term assets and long term liabilities or short term liabilities as different.<\/li><li>Because of this <a href=\"https:\/\/commerceiets.com\/accounting-concepts\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"accounting concept (opens in a new tab)\">accounting concept<\/a>, the outside parties enter into long term contracts with the enterprise, give loans and purchase the debentures and shares of the enterprise.<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>EXAMPLE:<\/strong>&nbsp;The prepaid expenses of the firm which have no realizable value are recorded in the books of accounts of the business enterprise as benefit of such expenses will be received in the future.<\/p>\n\n\n\n<h4 class=\"has-text-align-left wp-block-heading\" id=\"accrual-basis-assumption\"><span class=\"ez-toc-section\" id=\"ACCRUAL_BASIS_ASSUMPTION\"><\/span>ACCRUAL BASIS ASSUMPTION<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Accrual concept states that all the accounting records are to maintained by taking into consideration the current year incomes and expenditures. It states that income and expenditure of a particular year is to be recorded in the book of accounts and it is immaterial whether the amount for the same is paid or received or not. It means:<\/p>\n\n\n\n<ul><li><strong>Record the income of the year whether is it received or not.<\/strong><\/li><li><strong>Record the expense of the year whether it is paid or not.<\/strong><\/li><\/ul>\n\n\n\n<p class=\"has-pale-cyan-blue-background-color has-background has-medium-font-size\"><strong>IMPLICATIONS OF ACCRUAL CONCEPT<\/strong><\/p>\n\n\n\n<ul><li>It is similar to matching concept.<\/li><li>It truly depicts the accurate profit and loss of the firm for a year.<\/li><li>It gives rise to the adjustments like:<ul><li>Prepaid Expenses<\/li><li>Accrued Incomes<\/li><li>Income received in advance<\/li><li>Outstanding Expenses<\/li><\/ul><\/li><li>It differentiates the cash transactions and credit transactions.<\/li><li>It shows the true financial position of the concern.<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>EXAMPLE:&nbsp;<\/strong>Credit purchase of goods, Rent paid in advance for the next year, Interest due but not yet received.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"measuring-unit-assumption\"><span class=\"ez-toc-section\" id=\"MEASURING_UNIT_ASSUMPTION\"><\/span>MEASURING UNIT ASSUMPTION<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Measuring unit is the current purchasing power. It means\nthat the assets are not shown in the Balance Sheet at historical cost but they\nare shown at current value or fair value. In other words, assets are shown at\nthe amount that would have been paid if the same asset has been acquired\ncurrently. Similarly, liabilities are shown at the amount that would be\nrequired to settle them.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"constant-purchasing-power-assumption\"><span class=\"ez-toc-section\" id=\"CONSTANT_PURCHASING_POWER_ASSUMPTION\"><\/span>CONSTANT PURCHASING POWER ASSUMPTION<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">This assumption requires that the value of capital be\nadjusted to inflation at the end of the financial year.<\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"need-or-objectives-of-ifrs\"><span class=\"ez-toc-section\" id=\"NEED_OR_OBJECTIVES_OF_IFRS\"><\/span>NEED OR OBJECTIVES OF IFRS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Each country has its own set of rules and regulations for\naccounting and financial reporting. Hence, when an enterprise decides to raise\ncapital from abroad, the rules and regulations of that country will apply and\nthere will be differences in the financial reporting in the foreign country as\ncompared to its own country. This leads to the rising need of IFRS:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"easy-to-access-the-global-markets\"><span class=\"ez-toc-section\" id=\"EASY_TO_ACCESS_THE_GLOBAL_MARKETS\"><\/span>EASY TO ACCESS THE GLOBAL MARKETS<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Capital markets have now become global and companies are now\nin a position to access the funds globally. But investors all over the world\nrely on the financial statements prepared on the basis of IFRS. Hence, IFRS\nbased financial statements are now a pre-requisite for the enterprises seeking\nto raise overseas funds.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"easy-to-make-comparisons\"><span class=\"ez-toc-section\" id=\"EASY_TO_MAKE_COMPARISONS\"><\/span>EASY TO MAKE COMPARISONS<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">&nbsp;International\ninvestors would like to compare financial statements based on internationally\naccepted set of accounting standards. It improves the ability of the investors\nto compare their investments on a global basis and thus lowers the risk of\nerrors of judgment. Financial statements based on IFRS will facilitate the\ninvestors to compare financial statements without making adjustments for\nnational accounting differences.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"uniformity-in-financial-reporting\"><span class=\"ez-toc-section\" id=\"UNIFORMITY_IN_FINANCIAL_REPORTING\"><\/span>UNIFORMITY IN FINANCIAL REPORTING<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The adoption of IFRS brings uniformity, comparability and transparency\nin financial statements. It improves the standard and quality of financial reporting.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"lower-cost-of-capital-raised-abroad\"><span class=\"ez-toc-section\" id=\"LOWER_COST_OF_CAPITAL_RAISED_ABROAD\"><\/span>LOWER COST OF CAPITAL RAISED ABROAD<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">At present, companies that operate in global environment\nhave to prepare two sets of financial statements. One set based on home country\u2019s\naccounting standards and another set based on IFRS. In case of adoption of IFRS\nit will have to prepare only one set of financial statements and thus the cost\nof raising funds from abroad will be minimised.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"true-and-fair-valuation-of-investors\"><span class=\"ez-toc-section\" id=\"TRUE_AND_FAIR_VALUATION_OF_INVESTORS\"><\/span>TRUE AND FAIR VALUATION OF INVESTORS<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">There is a wide gap between the existing Indian Accounting\nStandards and IFRS. As per Indian Accounting Standards, assets are valued on\nhistorical cost whereas as per IFRS assets are reported fair value i.e. the estimated\nvalue at which the asset could be sold in the market. Adoption of IFRS would\nprovide a uniform basis for the reporting of true and fair value of assets.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"detect-frauds-and-manipulation-of-accounts\"><span class=\"ez-toc-section\" id=\"DETECT_FRAUDS_AND_MANIPULATION_OF_ACCOUNTS\"><\/span>DETECT FRAUDS AND MANIPULATION OF ACCOUNTS<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">It is easy to manipulate the accounts and commit fraud in the traditional system of accounting. There are tough and rigid rules for the preparation and presentation of financial statements under IFRS and it is extremely difficult to manipulate the accounts.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting\/\"><strong>Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/non-profit-organisation\/\"><strong>Non profit organisation<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/depreciation\/\"><strong>Depreciation<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/liquidity-ratios-types\/\"><strong>Liquidity ratios<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/nature-of-accounting\/\"><strong>Nature of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/receipt-and-payment-account-pdf\/\"><strong>Receipts and Payments Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/depreciation-accounting\/\"><strong>Depreciation Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/acid-test-ratio-formula\/\"><strong>Acid Test Ratio<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/benefits-of-accounting\/\"><strong>Benefits of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-accounting\/\"><strong>Scope of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/hire-purchase-accounting-notes-pdf\/\"><strong>Hire Purchase Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cash-ratio\/\"><strong>Cash Ratio<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-cost-accounting-and-financial-accounting\/\"><strong>Difference between cost accounting and financial accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-financial-accounting-management-accounting-and-cost-accounting\/\"><strong>Financial accounting, cost accounting and management accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-hire-purchase-and-instalment\/\"><strong>Difference between hire purchase and instalment system<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/financial-ratio-analysis\/\"><strong>Financial ratio analysis<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-transaction-and-event\/\"><strong>Difference between transaction and event<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/transactions\/\"><strong>Transactions<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/users-of-accounting\/\"><strong>Users of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/current-ratio-formula\/\"><strong>Ratio analysis<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/limitations-of-accounting-2\/\"><strong>Limitation of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/capital-expenditure\/\"><strong>Capital Expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/instalment-system\/\"><strong>Instalment System<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-consignment-and-sale\/\"><strong>Difference between consignment and sale<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/book-keeping\/\"><strong>Book Keeping<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/revenue-expenditure\/\"><strong>Revenue Expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/reserves-accounting\/\"><strong>Reserves Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-normal-and-abnormal-loss\/\"><strong>Abnormal loss vs normal loss in consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accountancy\/\"><strong>Accountancy<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-capital-expenditure-and-revenue-expenditure\/\"><strong>Difference between capital and revenue expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/reserves-accounting\/\"><strong>Provisions&nbsp;<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/treatment-of-loss-on-consignment\/\"><strong>Treatment of loss on consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Accounting as science or an art<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-equation\/\"><strong>Accounting Equation<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/\"><strong>Single entry system<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-treatment-of-consignment\/\"><strong>Accounting treatment of consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Book Keeping vs accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/deferred-revenue-expenditure\/\"><strong>Deferred Revenue Expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/statement-of-affairs-and-balance-sheet-difference\/\"><strong>Difference between statement of affairs and balance sheet<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-joint-venture-and-consignment\/\"><strong>Joint venture vs consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Book keeping vs accountancy<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/capital-receipt\/\"><strong>Capital receipt<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/ifrs\/\"><strong>IFRS<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/departmental-accounting\/\"><strong>Departmental Accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Accounting vs accountancy<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/revenue-receipt\/\"><strong>Revenue receipt<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/balance-sheet\/\"><strong>Balance Sheet<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/methods-of-departmental-accounting\/\"><strong>Methods of departmental accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/basis-of-accounting\/\"><strong>Basis of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-capital-and-revenue-receipt\/\"><strong>Difference between capital and revenue receipt<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/profit-and-loss-account\/\"><strong>Profit and loss Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/allocation-of-expenses-in-departmental-accounting\/\"><strong>Allocation of expenses in departmental accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/branches-of-accounting\/\"><strong>Branches of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-accounting-concepts-and-conventions\/\"><strong>Difference between accounting concepts and conventions<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/trading-account\/\"><strong>Trading Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/inter-departmental-transfers\/\"><strong>Inter-departmental transfers<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/cash-and-mercantile-system-of-accounting\/\"><strong>Cash and mercantile system of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-standards\/\"><strong>Accounting Standards<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/voyage-account\/\"><strong>Voyage Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/different-types-of-branches\/\"><strong>Different types of branches<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-principles\/\"><strong>Accounting Principles<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/objectives-of-accounting\/\"><strong>Objectives of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-for-incomplete-voyage\/\"><strong>Accounting for Incomplete Voyage<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-departmental-and-branch-accounting\/\"><strong>Departmental vs Branch accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/golden-rules-of-accounting\/\"><strong>Golden ru\nles of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-accounting\/\"><strong>Process of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/joint-venture\/\"><strong>Joint venture<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/methods-of-branch-accounting\/\"><strong>Methods of branch accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/double-entry-system-of-accounting\/\"><strong>Double entry system of book keeping<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-accounting\/\"><strong>Scope of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-joint-venture-and-partnership\/\"><strong>Joint Venture Vs Partnership<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/incorporation-of-branch-trial-balance\/\"><strong>Incorporation of branch trial balance<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-double-single-entry-system\/\"><strong>Double entry vs Single entry system<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-accounting-concepts-and-conventions\/\"><strong>Accounting Concepts vs Accounting conventions<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/methods-of-recording-transactions-in-joint-venture\/\"><strong>Methods of recording transactions in Joint Venture<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/garner-vs-murray-rule\/\"><strong>Garner VS Murray Rule<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/history-of-accounting-pdf\/\"><strong>History of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-provisions-and-reserves\/\"><strong>Difference between provisions and reserves<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/consignment\/\"><strong>Consignment<\/strong><\/a><\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IFRS IFRS stands for International Financial reporting Standards. These are the standards issued by the International Accounting Standard Board. It also covers the wide range of International Accounting Standards issued by the International Accounting Standard Committee. IFRS has replaced the GAAP (Generally Accepted Accounting Principles). These standards are to be used by the business organisations&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/ifrs\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;IFRS&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":2224,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[53,120,121],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2222"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=2222"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2222\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/2224"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=2222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=2222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=2222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}