International Financial Reporting Standards (IFRS) (Adopted in India as Ind AS) is the international accounting framework issued by the International Accounting Standard Board. IFRS requires businesses to report their financial results and financial position using the same rules which helps establish uniformity in the financial reporting of all businesses using IFRS across the globe, making it easier to compare their financial results.
A financial statement prepared in compliance with IFRS would comprise of
• Statement of financial position i.e. Balance Sheet • Statement of comprehensive income i.e. Profit & Loss Account • Statement of changes in equity • Statement of cash flows • Notes to the financial statement.
Here at EAP, our services include assisting in migration and implementation of IFRS, accounting assistance and advisory in IFRS.