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International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [1] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and ...
Its main objectives include the development and promotion of International Financial Reporting Standards (IFRS Standards), through the International Accounting Standards Board (IASB) for accounting standards and the International Sustainability Standards Board (ISSB) for sustainability-related disclosure standards.
"The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions." Financial statements should be understandable, relevant, reliable and comparable.
The conceptual framework provides two functions: to state the objectives of financial reporting and provide definitions of financial statement elements. The conceptual framework creates a foundation for financial accounting and establishes consistent standards that highlight the nature, function, and limitations of financial reporting. [18] [19]
1. According to International Financial Reporting Standards: the objective of financial reporting is: To provide financial information that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the reporting entity. [3] 2. According to the European Accounting Association:
The risk that senior management might override important financial controls to manipulate financial reporting is also a key area of focus in the fraud risk assessment. [ 11 ] In practice, many companies combine the objective and risk statements when describing MMR.
This is a list of the International Financial Reporting Standards (IFRSs) and official interpretations, as set out by the IFRS Foundation. It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.
“The Trueblood Report: An Analyst's View.” Financial Analysts Journal, vol. 31, no. 1, 1975, pp. 32–56. JSTOR 4477781. American Institute of Certified Public Accountants. Study Group on the Objectives of Financial Statements. Objectives of financial statements: Report of the Study Group on the Objectives of Financial Statements. 1973 ...