Who are the users of IFRS?

Besides publicly-available data, we survey countries and organisations around the world, including: Standard setters. Organisations that regulate filing of financial statements. Large accounting firms.

Who are the primary users of financial statements?

Who are the Users of Financial Statements?

• Company management.
• Competitors.
• Customers.
• Employees.
• Governments.
• Investment analysts.
• Investors.
• Lenders.

Who uses IASB?

Adoption. IFRS Standards are required in more than 140 jurisdictions and permitted in many parts of the world, including South Korea, Brazil, the European Union, India, Hong Kong, Australia, Malaysia, Pakistan, GCC countries, Russia, Chile, Philippines, Kenya, South Africa, Singapore and Turkey.

What financial statements are required by IFRS?

Requirements of IFRS

• A Statement of Financial Position.
• A Statement of Comprehensive Income that includes an income statement in addition to an individual statement of comprehensive income, which brings together Profit or Loss on the Income statement to total comprehensive income.
• A Statement of Changes in Equity.

When to use international financial reporting standards ( IFRS )?

The table below sum­marises our un­der­stand­ing of the use of International Financial Reporting Standards as the primary GAAP by domestic listed and unlisted companies in their con­sol­i­dated financial state­ments for external financial reporting.

How are financial statements measured in the IASB Framework?

Measurement involves assigning monetary amounts at which the elements of the financial statements are to be recognized and reported. The Framework acknowledges that a variety of measurement bases are used today to different degrees and in varying combinations in financial statements, including:

Who are the members of the International Accounting Standards Board?

International Accounting Standards Board (Board) members Ann Tarca and Tom Scott provide an overview for academics of the Primary Financial Statements project. The Primary Financial Statements project is intended to help users to better understand and compare information published in companies’ general-purpose financial statements. 1

Why was the IFRS primary financial statement project created?

The Board developed these proposals in its Primary Financial Statements project, which is part of the Board’s work on ‘Better Communication in Financial Reporting’. The Board undertook this project in response to investors’ concerns about the comparability and transparency of companies’ performance reporting.