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International Accounting Standards Board (IASB) and International Financial Reporting Standards (IFRS)

The International Accounting Standards Board (IASB) and the International Financial Reporting Standards (IFRS) have established a comprehensive framework of accounting standards that are widely adopted across the world. The list of IFRS and IAS provided above is extensive, covering various topics such as financial reporting, consolidation, revenue recognition, property, plant, and equipment, intangible assets, investments in associates, joint ventures, financial instruments, etc.

Key Standards

Some of the key standards established by IASB and IFRS include:

• IAS 1 - Presentation of Financial Statements: This standard outlines the overall requirements for presenting financial statements.
• IAS 7 - Statement of Cash Flows: This standard explains how to prepare the statement of cash flows.
• IAS 10 - Property, Plant and Equipment: This standard sets out the accounting treatment for property, plant, and equipment.
• IAS 11 - Construction Contracts: This standard outlines the accounting treatment for construction contracts.
• IAS 12 - Income Taxes: This standard explains how to account for income taxes.
• IAS 15 - Revenue from Contracts with Customers: This standard sets out the requirements for recognizing revenue from contracts with customers.

Framework and Consistency

These are just a few examples of the many IFRS and IAS standards that have been established. The framework is designed to provide consistency and comparability in financial reporting, which helps investors make informed decisions about investments in businesses around the world.

Need More Information?

If you’re looking for more information on any specific standard or want help with interpreting them for your business or investments, please let me know how I can assist!