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Hi ! I am Vinod. Your accounting teacher . Today, we introduce IFRS in lecture.
1. Conversion of international standard (IAS) into International financial reporting standard in 2001 by International Accounting Standard board ( IASB).

2. IFRS new interpretation has given by International financial reporting interpretation committee ( IFRIC),

3. Remember its 4 assumption

a) Accrual
b) Going concern
c) Measuring unit
d) Constant purchasing power

IFRS Based statement

1. Statement of financial position
2. Income statement
3. Statement of changing in equity
4. Cash flow statement
5. Notes of accounting policies.

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