What is Learn the basic structure of IFRS ?
Familiarize yourself with the basic structure and concept of IFRS. This is not a hard part. To start digging a bit deeper into this complex topic, you should know what is in front of you. Let me draft a simple picture.
IFRS is an acronym for International Financial Reporting Standards and covers full set of principles and rules on accounting treatment of various items or situations. This full set comprises the following components:
- Framework for the Preparation and Presentation of Financial Statements
- International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)
- Standing Interpretations Committee (SIC) and Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC)
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