List of International Financial Reporting Standards in 2022

IASB issued these IFRS (International Financial Reporting Standards). Between 1973 and 2001, the predecessor body IASC issued the International Accounting Standards.

The International Financial Reporting Standard is also known as IFRS. The IFRS foundation creates the standard to provide transparency in the accounting system.

It guides preparing financial statements for entities. Many business owners or professionals are familiar with the IFRS. Each of the IFRS is described below:

International Financial Reporting Standards 1 - Adoption of IFRS for the first time

An entity must follow the procedures outlined in this document to prepare its general purpose financial statements using IFRSs for the first time.

International Financial Reporting Standards 2- Equity-Based Payment

In its financial statements, an entity must recognize share-based payments (for example, grants of shares, shares options, and share appreciation rights), as well as cash payments to employees and other parties. Share-based costs can be equity-settled or cash-settled.

International Financial Reporting Standards 3- Mergers and Acquisitions

An acquisition or merger is when an acquirer obtains control of a business. The 'acquisition method' is generally used to account for these business combinations, requiring assets at the time of acquisition to be valued at fair value.

International Financial Reporting Standards 4- Contracts of insurance

In general, it applies to all insurance contracts an entity issues and holds (including reinsurance contracts).

International Financial Reporting Standards 5- Discontinued operations and non-current assets

Accounting for non-current assets that are being sold (or distributed) to owners. A saleable asset will generally not depreciate, will be measured at a lower carrying amount and fair value, and will be reported in its own line on the statement of financial position. Non-current assets and discontinued operations, however, require specific disclosure.

International Financial Reporting Standards 6- Mineral Exploration and Evaluation

The standard allows entities to apply accounting policies for the exploration and evaluation of assets before adopting IFRSs for the first time. As well as introducing different impairment indicators, it will enable aggregate impairment testing of exploration and evaluation assets (not more significant than a segment).

International Financial Reporting Standards 7- Disclosures for financial instruments

Assesses the nature and extent of financial instruments as well as their significance to an entity. A number of disclosures are also required regarding transferred financial assets.

International Financial Reporting Standards 8- Segments of operations

Securities listed on the exchange must disclose information about their operating segments, their products and services, their geographic locations, and their significant customers. Internal management reports are used to identify operating segments and measure segment information.

International Financial Reporting Standards 9- Intangible assets

IAS 39 Financial Instruments: Recognition and Measurement is replaced by this standard. General hedge accounting requirements include recognition and measurement, impairment, and recognition.

International Financial Reporting Standards 10- Statements of Consolidated Financial Position

To control investment, you must be exposed to variable returns and have the power to influence those returns.

International Financial Reporting Standards 11- Arrangements with Joint Parties

It explains how entities that jointly control an arrangement account for it. For example, an arrangement under joint control is classified as either a joint venture; a share of net assets and equity is also accounted for; or as a joint operation; rights to assets and obligations for liabilities are separately accounted for.

International Financial Reporting Standards 12- Other Entity Interests Disclosure

In consolidated disclosures, an entity must disclose its interests in subsidiaries, joint arrangements, associates, and unconsolidated 'structured entities'. In addition, a series of objectives are presented, along with detailed guidance on achieving them.

International Financial Reporting Standards 13- Measurement of fair value

A fair value measurement or disclosure is required or permitted under IFRSsappropriate value measurement. Using a fair value hierarchy rather than entity-specific size, the standard defines a fair value based on an exit price notion.

International Financial Reporting Standards 14- Accounts for regulatory deferrals

In the event of the first-time adoption of International Financial Reporting Standards, the entity may account for 'regulatory deferral account balances by its former GAAP, both on the date of initial adoption and in subsequent financial statements. Accordingly, the proportions of regulatory deferral accounts and their movements are presented separately in the words profit or loss, other comprehensive income, and financial position.

International Financial Reporting Standards 15 - Contract revenue

This standard specifies how and when IFRS reporters will recognize revenue and requires them to provide users with more informative, relevant disclosures. The bar offers a five-step, principles-based model for all contracts with customers. The new reporting period begins on or after 1st January 2018.

International Financial Reporting Standards 16 - Accounting for leases

IFRS reporters are required to recognize, measure, present, and disclose leases by this standard. Under this standard, lessees must account for all leases regardless of the lease term or asset value as assets and liabilities unless the lease is for 12 months or less. Lessor accounting under IFRS 16 remains substantially unchanged from that under IFRS 17; lessors continue to classify leases as operating or finance. It is applicable to annual reporting periods that begin after 1st January 1 January 2019.

International Financial Reporting Standards 17: Contracts for insurance

On or after 1st January 1 January 2021, IFRS 17 will apply to yearly reporting periods. The application of IFRS 9 and 15 from the list of IFRS standards must be accommodated. An insurance contract includes a service contract and a financial instrument contract. Throughout an extended period, many such insurance contracts will generate considerable variability in cash flow.

Conclusion

IASB issued these IFRS (list of International Financial Reporting Standards). Between 1973 and 2001, the predecessor body IASC issued the International Accounting Standards (IAS). For a convergent approach between Indian GAAP and International Financial Accounting Standards (IFRS), we have Indian Accounting Standards (Ind AS). There is still a potent force behind both IFRS and IAS.