ACCOUNTING I

Shanza Siddiqi
Email: Shanzatabasum26@gmail.com
The Regulatory System
 International Financial Reporting
Standards and the IASB
• International Financial Reporting Standards (IFRSs) are produced
by the International Accounting Standards Board (IASB). The
IASB develops IFRSs through an international process that
involves the world-wide accountancy profession, the preparers
and users of financial statements, and national standard setting
bodies.

• Prior to 2003 standards were issued as International Accounting

Standards (IASs). In 2003 IFRS 1 was issued and all new
standards are now designated as IFRSs.
 The standards

We now, have a total of 41 global accounting standards

(IFRS):
• 25 of which are referenced as IAS (produced by the
old committee) and
• 16 of which are referenced as IFRS
https://www.iasplus.com/en/standards
 The Objectives of the IASB

• To develop a single set global accounting standards

• To promote the use and rigorous application of those standards.
• To bring about convergence of national accounting standards and
International Financial reporting Standards to high quality solutions
The rules of our global accounting language consist of:

• The Framework and

• the global accounting standards (IFRS), including both the:
- Standards (IASs and IFRSs); and their
- Interpretations (SICs and IFRICs)
The Objectives of the IASB
The structure of the team behind the preparation of the IFRS and IFRICs
is presented below:
Standard Setting Process
Any Question?
Thank
You .