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Details about IFRS for Banking Exams

For SBI PO, RRBs & IBPS PO/Clerk

International Financial Reporting Standards (IFRSs) are the principles based set of standards which establish broad rules. These are the standards and interpretations adopted by the International Accounting Standards Board (IASB). Some of the Standards forming part of IFRS are the previous
International Accounting Standards (IAS). In April 2001 the IASB adopted all IAS and continued their development, calling the new standards IFRS.

To provide information about the financial position, performance and changes in the financial position of an entity that is useful to a comprehensive range of users in making economic decisions.

Financial Statement:
With the issue of revised standard (IAS 1), that is Presentation of Financial Statements in September 2007, which is effective for annual period beginning on or after 1st January, 2009, the IFRS financial statements consist of:
  • ‘Cash flow statement’ which will become ‘statement of cash flow’
  • ‘Balance sheet’ which will become ‘statement of financial position’
  • Notes, including summary of the significant accounting policies
  • ‘Income statement’ to call ‘statement of comprehensive income’

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