IFRS (International Financial Reporting Standards)

List of Standards

Takshila Learning offers ACCA Diploma in IFRS (International Financial Reporting Standards). This
course is affiliated to ACCA Global. ACCA (the Association of Chartered Certified Accountants) is a global
body for professional accountants which was launched in 1904 in London. Today it has more than
198,000 fully qualified members and 486,000 students worldwide. These members are among the worlds
best-qualified and most highly sought-after accountants - and they work in every sector you can imagine.
IFRS Course offered by ACCA is internationally recognized and Takshila Learning is offering the
preparation course to clear this Diploma examination. Our course is mapped as per ACCA IFRS exams
pattern so that students taking our course can easily qualify IFRS examination. This course covers all
IFRS and IAS (International Accounting Standards).

The Government of India, Ministry of Corporate Affairs (MCA) in January 2015 outlined the various
phases in which Indian Accounting Standards were to converge. In phase 1, IFRS (Ind AS) was proposed
to be implemented in India, for Companies other than Banking Companies, Insurance Companies, and
NBFCs. The application of Ind AS was based on the listing status and net worth of a company. Ind AS
first need to be followed by companies with a net worth equal to or exceeding INR 500 crore w.e.f. 1stApril
2016. Listed companies as well as others having net worth equal to or exceeding INR 250 crore need to
follow 1st April 2017 onwards. From April 2015, companies impacted in the first phase were to take a
closer look at the details of the 39 new Ind AS notified earlier. Ind AS was also to apply to subsidiaries,
joint ventures, associates as well as holding companies of the entities. Today many companies in India
have already adopted IFRS.

IFRS (International Financial Reporting Standards) are Accounting standard or rules and regulation for
preparing Financial Statements of Companies meeting global standards. IFRS Accounting is based on
the purpose of this financial statement is to get information about financial performance, position, cash
inflow and outflow, creditors, etc.

List of IFRS (International Financial Reporting Standard)

1. IFRS 1 First-time Adoption of International Financial Reporting Standards

IFRS 1 refers to International Financial Reporting Standard relating to the first-time adoption of
International Financial Reporting Standards. In 2002 first draft of IFRS1 was published and in
2003 IFRS 1 was issued.

2. IFRS 2 Share-based Payment

IFRS 2 refers to International Financial Reporting Standard relating to Share based payment,
IFRS 2 applies when a company acquires or receives goods and services for Equity based
payment.

3. IFRS 3 Business Combinations

IFRS 3 refers to International Financial Reporting Standard relating to Business Combinations,
which requires specific disclosures in the case of acquisitions after the balance sheet date.

4. IFRS 4 Insurance Contracts

IFRS 4 refers to International Financial Reporting Standard, it is issued by IASB, it sets out the
reporting requirements for entities that issue insurance and reinsurance contracts.
 5. IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

IFRS 5 refers to International Financial Reporting Standard relating to non-current assets and
disposal groups classified as held for sale or held for distribution to owners.

6. IFRS 6 Exploration for and Evaluation of Mineral Resources

IFRS 6 refers to International Financial Reporting Standard which specifies some aspects of
financial reporting for cost incurred for exploration and evaluation of mineral resources

7. IFRS 7 Financial Instruments: Disclosures

IFRS 7 refers to International Financial Reporting standard relating to Disclosure which contains
extensive disclosure requirements in respect of financial instruments.

8. IFRS 8 Operating Segments

IFRS8 refers to Accounting Standard which is related to Operating Segments requires particular
entities to disclose information about their segment, product, and services, customer and area.

9. IFRS 9 Financial Instruments

IFRS 9 refers to International Financial Reporting Standard which is issued by IASB, it is relating
to Financial Instruments classification and measurement, impairment and hedge accounting. It is
thereplacement of IAS39.

10. IFRS 10 Consolidated Financial Statements

IFRS 10 refers to Accounting Standard, it is rules and regulation for presenting and preparing
consolidated financial statements when an entity controls one and more entities.

11. IFRS 11 Joint Arrangements

IFRS 11 refers to Accounting Standard which clarifies reporting rules and procedures for joint
arrangements. A joint arrangement refers to an arrangement of which two or more parties have
control.

12. IFRS 12 Disclosure of Interests in Other Entities

IFRS 12 refers to International Financial Reporting Standard, relating to Disclosure of Interests in
Other Entities, it is issued by IASB in May 2011.

13. IFRS 13 Fair Value Measurement

IFRS 13 refers to Accounting Standard, which is relating to Fair Value Measurement. Objective of
this standard is to define fair value, establishes a framework for measuring thefair value of assets.

14. IFRS 14 Regulatory Deferral Accounts

IFRS 14 refers to International Financial Reporting Standard, which is relating to Regulatory
Deferral Accounts, It specifies the reporting requirement for Regulatory Deferral Accounts.

15. IFRS 15 Revenue from Contracts with Customers

IFRS 15 refers to International Financial Reporting Standard which is relating to Revenue from
contract with customers. It was adopted in 2014 and will become effective in 2018.

16. IFRS 16 Leases

 IFRS16 refers to International Financial Reporting Standard which is relating to Leases. It was
issued in January 2016 and will effective in most companies by 2019.

17. IFRS 17 Insurance Contracts

IFRS 17 refers to International Financial Reporting Standard which is relating to Insurance
Contracts. It is issued by IASB in May 2017.

Takshila Learning provides Diploma in IFRS Online course in online mode, our faculty has more
than 40 years of experience in teaching and Limca Book record holder in the field of teaching
IFRS to students globally.

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