Subtitle: Global Accounting Standards Organisation

By: Online Group- 01

Duration: 5 minutes

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Slide 1: Introduction

Content:

• IFRS stands for International Financial Reporting Standards.

• It is a global accounting framework used to ensure transparency, comparability, and reliability in financial statements.

• These standards are developed and maintained by the IFRS Foundation and the International Accounting Standards Board (IASB).

  
  

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Slide 2: History and Background

Content:

• Founded in 2001, replacing the International Accounting Standards Committee (IASC).

• Headquarters: London, United Kingdom.

• IFRS standards are currently used in over 140 countries, including the European Union and many parts of Asia and Africa.

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Slide 3: Structure of IFRS Organisation

Content (visual flow):

1. IFRS Foundation – Oversees governance and funding.

2. IASB (International Accounting Standards Board) – Sets the actual IFRS standards.

3. IFRS Interpretations Committee – Clarifies complex issues.

4. Monitoring Board – Provides public accountability.

   
   

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Slide 4: Objectives of IFRS

Content:

• Develop high-quality, understandable global accounting standards.

• Promote transparency and comparability of financial statements.

• Support global capital markets by building investor confidence.

• Encourage economic growth through consistency in financial reporting.

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Slide 5: Benefits of IFRS

Content:

• Easier cross-border investment and trade.

• Better financial transparency and corporate governance.

• Reduced cost of capital for companies.

• Easier for multinational companies to maintain one accounting system.

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Slide 6: Current Developments

Content:

• New sustainability and climate disclosure standards under ISSB (International Sustainability Standards Board).

• Focus on digital reporting and global adoption.

• Continuous updates to meet emerging economic realities.

  
  

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Slide 7: Conclusion

Content:

• IFRS brings clarity, comparability, and credibility to global finance.

• It helps investors, regulators, and companies speak the same “financial language.”

• As global economies integrate, IFRS is becoming the universal standard for financial reporting.

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Slide 8: References

• www.ifrs.org

• IFRS Foundation Annual Report 2024

• ACCA Global, ICAI IFRS Resources

1. Develop and update IFRS standards.

2. Encourage worldwide adoption of these standards.

3. Offer guidance on how to apply and interpret IFRS.

4. Enhance comparability and transparency in financial statements across countries.