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IFRS: International Financial Reporting Standards
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International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements. India is one of the over 100 countries that have or are moving towards IFRS (International Financial Reporting standards) convergence with a view to bringing about uniformity in reporting systems globally, enabling businesses, finances and funds to access more opportunities. ICAI has decided to implement IFRS in India. The Ministry of Corporate Affairs has also announced its commitment to convergence to IFRS.
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Financial Reporting Anas Alzadjali ST10299 Roslin Lazarus Introduction Analysis of different regulatory framework and governance applicable GIC’s investment strategies and current market operations. Based on the published annual report of GIC for the year 2019. ASSUMPTION GIC consider establishing a joint stock company as a part of its expansion plan This presentation analysis different regulatory framework and governance applicable to GIC’s investment strategies and current market operations based on the published annual report of GIC for the year 2019, with the assumption that GIC is seriously considering establishing a joint stock company with majority controlling interest in Singapore and India as a part of its expansion plan. 2 Continuation Financial reporting is the declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time. Financial reporting standards are the keys that defines the practice standards and financial accounting policies and performs as its basis. Enhances the financial reporting openness in an international position. Performs as the accounting end product. Definition Financial reporting : declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time. Financial reporting standards: keys that defines the practice standards and financial accounting policies and performs as its basis. Enhances the financial reporting openness in an international position. Performs as the accounting end product. Components of the financial reporting include; The Financial statement Notes to the Financial statement The prospectus The Management discussion and analysis 3 Elements Of Financial Statement The financial statement elements are; Income Statement : Expenses, Revenues, Purchases and Sales Balance Sheet: Assets , Liabilities and Capital Cashflow statement: cashflow from operating activities, investment and financing. Change in equity. And notes Financial statement comprise the critical report of the business that gives financial information which can be used by the stakeholders. The financial statement elements are; Income Statement covering expenses, revenues, purchases and sales Balance Sheet covering assets , liabilities and capital Cashflow statement covering cashflow from operating activities, investment and financing. Change in equity showing any change in equity over the period And notes that gives explanations to the statements. 4 Financial Reporting Objective Financial statements have been prepared in accordance with: International Financial Reporting Standards (IFRSs), Applicable disclosure requirements of the Capital Market Authority (CMA) Relevant requirements of the Commercial Companies Law. Their objectives are: To provide information concerning the financial posi ...
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Join Contetra Pvt limited for Diploma in IFRS Online Classes Diploma in IFRS online classes to learn IFRS standards aims to bring transparency, accountability, and efficiency to financial markets around the world. IFRS Standards bring integrity by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions. IFRS Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. These are some of the benefactors that causes us to necessitate the use of IFRS. To facilitate your learning curve, Contetra is one such training institute that will help you in a diploma in IFRS online course. If you are interested in gaining practical knowledge to upskill your career then visit : https://contetra.com/diploma-in-ifrs-training/
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Ranzal Practice Director and Oracle ACE, Peter Fugere guides attendees through best practices on building HFM applications to consider the impact of IFRS. HFM has been used for years to do multi-GAAP reporting, so IFRS is not completely uncharted waters. Many companies in Europe and Canada have already moved, and their experience provides guidance for companies in North America. HFM has specific functionality that makes the IFRS transition easier and for North America, moving now may minimize costs later associated with statutory reporting and historical data collection.
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Journal of Financial Management and Analysis, 29(2):2016 : 10-19 © Om Sai Ram Centre for Financial Management Research IMPACT OF IFRS ADOPTION ON FINANCIAL DECISIONS CASE STUDY OF INDIAN INFORMATION TECHNOLOGY INDUSTRY : WIPRO LTD. VIDYA CHANDRASEKAR, M.Com., Ph D. Professor D.N.S. KUMAR, Ph. D. Adjunct Faculty Professor of Finance & Associate Director Department of Commerce Centre for Research - Projects em ail: [email protected] em ail: [email protected] Christ University, Hosur Road Bengaluru - 560029, INDIA Abstract Expansion of business environment in the 1990s changed the financial set up of India from the conventional bank based borrowings to marked based one. This necessitated companies to address global stakeholders. The regulatory requirement of different countries also necessitated companies to do multiple reporting i.e., one as per home country standard and the other as per the host country standard. To overcome multiple reporting and to address global stakeholders, a uniform system of reporting was felt necessary to facilitate comparisons, which resulted in the establishment of International Accounting Standard Board (IASB) which issues International Financial Reporting Standards (IFRS). Certain Indian companies having listed in foreign stock exchanges are reporting IFRS voluntarily in their financial statements. The present study tries to understand the impact of this voluntary adoption of IFRS on the financial decision makers through a case analysis of Wipro Ltd. The analysis compared the major financial parameters under IFRS and Indian GAAP as reported by Wipro Ltd for a period of four years from 2009 -10 to 2012-13. The results postulate an increase in liquidity ratios; interest coverage ratio; marginal increase in debt equity ratio; and no significant increase in profitability ratios except net profit ratio which rose slightly in the year 2013. Overall the results indicate that the adoption of fair value accounting and strict requirement in adhering to accounting standards have strengthened the financial indicators and provided the decision makers a transparent, true and fair accounting highlighters. Keywords : Financial markets, Globalization, Financial reporting, Accounting Standards JEL Classification : E61, F42, G39, M41, 053 Introduction Developments in socio - economic fabric in India have changed financial environment of businesses in India from traditional bank based system to market oriented, which paved way for globalization and consequently expansion of financial markets worldwide necessitating companies to raise funds abroad and address investors outside the home country. As a result, companies were required to comply with regulatory requirem ent of filing financial reports as per home country and global standards, which led to multiple reporting. To overcom e m u ltip le rep o rtin g and to have a transparent system of reporting which facilitates; The authors are gratefu ...
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a.Convergence Efforts Made Toward the GAAP and IFRS Standards Convergence Goal on the Financial Performance by Business Enterprises The FASB has taken steps to: consider promptly any significant areas of deficiency in financial reporting that might be addressed through the standard-setting process; promote the international convergence of accounting standards concurrent with improving the quality of financial reporting; and improve the common understanding of the nature and purposes of information contained in financial reports. Addressing the objectives of financial reposting by business enterprises, the SFAS CON 1 states that financial reporting should provide information that is useful to current and potential investors and creditors, or any other users, in their decision-making processes regarding investments and credit, including assessing the amounts, the timing and uncertainty of prospective cash receipts or cash inflows from dividends or interest earned, the proceeds from a sale, or redemption or maturity of loans or securities. Reports should include information about a company’s economic resources, claims on those resources and the effects of those transactions, events, and circumstances that impact the resources and any claims upon them, and should be comprehensible to anyone who has a reasonable understanding of business and economic activities and who needs to examine or study the information with reasonable diligence. Research conducted by the FASB on financial performance, reported by business enterprises and their users, found that users have a strong interest in a statement of cash flows that reports cash flows under the direct method. Users also prefer financial statements that provide greater disclosure of information with predictive value. The research indicates that there is no across- the-board dissatisfaction with, or demand for, sweeping change in the way financial statements are displayed. Users also feel that key, commonly used measures lack clarity in definition of terms such as ‘operating free cash flow,’ ‘return on invested capital,’ and adjusted, normalized or operating earnings. Although net income is frequently used as a starting point for analysis, it is not in the top three most important measures identified by users. There is also low demand for comprehensive income presentation in a single statement; however, there was no transparent opposition to providing comprehensive income items in another form. b. Convergence Efforts Made Toward the GAAP and IFRS Standards Convergence Goal on the Revenue Recognition Area Accounting standards designed for public capital markets are burdensome, not only due to their complex nature, but also due to their adoption of the IFRS standards. This is especially apparent when applied to small and medium-sized companies, since they follow simple accounting principles that are not designed for the complexity of transactions that some small companies enter into, such as derivatives.
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Students will get the knowledge of the following- meaning of the pricing, its importance, objectives, methods of pricing, factors affecting the price of products, An overview of DPCO (Drug Price Control Order) and NPPA (National Pharmaceutical Pricing Authority)
Unit-V; Pricing (Pharma Marketing Management).pptx
Unit-V; Pricing (Pharma Marketing Management).pptx
VishalSingh1417
national learning camp 2024
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2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
MaritesTamaniVerdade
Nutritional Needs and Food Safety
Nutritional Needs Presentation - HLTH 104
Nutritional Needs Presentation - HLTH 104
misteraugie
INDIA THAT IS BHARAT IN 2024 The preliminary round of Swadesh, The india quiz conducted on 30th April, 2024.
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
RAM LAL ANAND COLLEGE, DELHI UNIVERSITY.
Numerical on HEV
Application orientated numerical on hev.ppt
Application orientated numerical on hev.ppt
RamjanShidvankar
Pie
The basics of sentences session 2pptx copy.pptx
The basics of sentences session 2pptx copy.pptx
heathfieldcps1
In this webinar, members learned the ABCs of keeping books for a nonprofit organization. Some of the key takeaways were: - What is accounting and how does it work? - How do you read a financial statement? - What are the three things that nonprofits are required to track? -And more
Introduction to Nonprofit Accounting: The Basics
Introduction to Nonprofit Accounting: The Basics
TechSoup
Students will get the knowledge of : - meaning of marketing channel - channel design, channel members - selection of appropriate channel, channel conflicts - physical distribution management and its importance
Unit-IV- Pharma. Marketing Channels.pptx
Unit-IV- Pharma. Marketing Channels.pptx
VishalSingh1417
SGK
1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdf
QucHHunhnh
The global implications of DORA and NIS 2 Directive are significant, extending beyond the European Union. Amongst others, the webinar covers: • DORA and its Implications • Nis 2 Directive and its Implications • How to leverage directive and regulation as a marketing tool and competitive advantage • How to use new compliance framework to request additional budget Presenters: Christophe Mazzola - Senior Cyber Governance Consultant Armed with endless Excel files, a meme catalog worthy of the best X'os (formerly twittos), and a risk register to make your favorite risk manager jealous, I swapped my computer scientist cape a few years ago for that of a (cyber) threat hunter with the honorary title of CISO. Ah, and I am also a quadruple senior certified ISO27001/2/5, Pas mal non ? C'est francais. Malcolm Xavier Malcolm Xavier has been working in the Digital Industry for over 18 Years now. He has worked with Global Clients in South Africa, United States and United Kingdom. He has achieved Many Professional Certifications Like CISSP, Google Cloud Practitioner, TOGAF, Azure Cloud, ITIL v3 etc. His core competencies include IT strategy, cybersecurity, IT infrastructure management, data center migration and consolidation, data protection and compliance, risk management and governance, and IS program development and management. Date: April 25, 2024 Tags: Information Security, Digital Operational Resilience Act (DORA) ------------------------------------------------------------------------------- Find out more about ISO training and certification services Training: Digital Operational Resilience Act (DORA) - EN | PECB NIS 2 Directive - EN | PECB Webinars: https://pecb.com/webinars Article: https://pecb.com/article Whitepaper: https://pecb.com/whitepaper ------------------------------------------------------------------------------- For more information about PECB: Website: https://pecb.com/ LinkedIn: https://www.linkedin.com/company/pecb/ Facebook: https://www.facebook.com/PECBInternational/ Slideshare: http://www.slideshare.net/PECBCERTIFICATION
Beyond the EU: DORA and NIS 2 Directive's Global Impact
Beyond the EU: DORA and NIS 2 Directive's Global Impact
PECB
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Z Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot Graph
Thiyagu K
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Measures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SD
Thiyagu K
Measures of Central Tendency: Mean, Median and Mode
Measures of Central Tendency: Mean, Median and Mode
Measures of Central Tendency: Mean, Median and Mode
Thiyagu K
ICT Role in 21st Century Education & its Challenges •This presentation gives an overall view of education in 21st century and how it is facilitated by the integration of ICT. •It also gives a detailed explanation of the challenges faced in ICT-based education and further elaborates the strategies that can help in overcoming the challenges.
ICT Role in 21st Century Education & its Challenges.pptx
ICT Role in 21st Century Education & its Challenges.pptx
AreebaZafar22
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TỔNG ÔN TẬP THI VÀO LỚP 10 MÔN TIẾNG ANH NĂM HỌC 2023 - 2024 CÓ ĐÁP ÁN (NGỮ Â...
TỔNG ÔN TẬP THI VÀO LỚP 10 MÔN TIẾNG ANH NĂM HỌC 2023 - 2024 CÓ ĐÁP ÁN (NGỮ Â...
Unit-V; Pricing (Pharma Marketing Management).pptx
Unit-V; Pricing (Pharma Marketing Management).pptx
2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
Nutritional Needs Presentation - HLTH 104
Nutritional Needs Presentation - HLTH 104
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
Application orientated numerical on hev.ppt
Application orientated numerical on hev.ppt
The basics of sentences session 2pptx copy.pptx
The basics of sentences session 2pptx copy.pptx
Introduction to Nonprofit Accounting: The Basics
Introduction to Nonprofit Accounting: The Basics
Unit-IV- Pharma. Marketing Channels.pptx
Unit-IV- Pharma. Marketing Channels.pptx
1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdf
Beyond the EU: DORA and NIS 2 Directive's Global Impact
Beyond the EU: DORA and NIS 2 Directive's Global Impact
Z Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot Graph
Measures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SD
Measures of Central Tendency: Mean, Median and Mode
Measures of Central Tendency: Mean, Median and Mode
ICT Role in 21st Century Education & its Challenges.pptx
ICT Role in 21st Century Education & its Challenges.pptx
Ifrs
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IFRS: Challenges Ahead
Proffessor Kirit Makwana & Dr.(Mrs.) Meenakshi Somani Presented By
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