Question

what are the scope of IFRS 1, IFRS 2, IFRS 3, IFRS 4, IFRS 5, IFRS 6, IFRS 7, IFRS 8, IFRS 9, IFRS 10, IFRS 11, IFRS 12, IFRS 13, IFRS 14, IFRS 15 IFRS 16, and 17

Answer 1

Following are the Scope of International Financial Reporting Standereds.

IFRS-1: first Time Adoption of IFRS.

IFRS 1 is to ensure that the company's financial statements that adopt first time it contains high quility of informations which leads to benificial of users of financial statement

This applies on entity

1. The firm first time prepares its financial statements

2. Transfere from another accounting standered to International financal reporting standereds.

3. Interim financial reporting for a period which covered by its first IFRS.

it does not apply on the firm which follow the IFRS already.

IFRS: 2 share base payments

It apply on the organisation which follow the share base payment transactions. It include the issue of share option. the entity should add in the reporting that the transaction between employee or any other parties or settlement . the main objective of this standered is reflect the effect of share base payment transaction in the financial statement of company.

IFRS: 3 Business combinations

It covers the transactions for business combinations in which an aquirer can get control over one or more businesses in other words this standered provide the guidelines that how the transactions are recorded and calculate the value of asset and liability of the other business in the financial statement. it does not include the followings.

1.combinations of entities under common control

2.aquire the asset which do not constitute a business

IFRS 4: Insurance contract

It is applicable on all the insurance contract entered in to by an entity which also includes reinsurance contract.

IFRS 5: Non current asset held for sale and discontinued operations

It deals with non current assets which held for sale or distribution to owner or discontinued operations. This standered deals with recovery of non current asset instead of their book value and also present in the financial statment of the firm.

IFRS 6: Exploration for and Evaluation of Mineral Resources

An entity shall apply the IFRS to exploration and evaluation expenditures that it incurs along with the details of explorations and extaction cost of mineral resources. it deals with determine the feasibility and commercial viability of extracting the minral resource.

IFRS 7: Financial Instruments: Disclosures

The objective of IFRS 7 is to provide more transparancy to the users of financial statement to know the entity's enough informations about risk and how to risk should be managed by the company. an entity must group its financial instrument into classes of similar instrument.

IFRS 8: Operating Segments

This IFRS deals with the segment wise services and goods major customer, geographical area and business activity details. it will help to user to evaluate the activities of business so that they can form an opinion about the entity through the impact in the financial position of the entity.

IFRS 9 Financial Instruments

This IFRS divide the financial assests and liabilities and some contracts non finacial item. In this standered financial item are classified into three catagories models

Amortisation of cost when the objective to collect contractual cash flows

Fair value model if the objective is both collecting contactual cash flow and selling financial assets

Fair value through profit or loss.

IFRS 10 Consolidated Financial Statements

This standered provide us the Method of presenting consolidating financial statement. it provide the pattern of control the subsidiary company by its holding company.

IFRS 11 Joint Arrangements

when two company come togather and joint their hand by an agrement to control the particular operation or activities than this standered should apply in the financial statment

IFRS 12 Disclosure of Interests in Other Entities

This standered deals with the interest of an entities in some other entity and should disclouser in the financial statement as per this IFRS. it also dipict financial position due to this interest in the financial statement

IFRS 13 Fair Value Measurement

this standered deals with guideline to maesure fair value and how to measure it. fair value means the price at which an asset can be sold or transfere the liability in orderly market process.

IFRS 14 Regulatory Deferral Accounts

This standered specify how to record the transaction of good and services having regulated price.

IFRS 15 Revenue from Contracts with Customers

this deals with record the exchange revenue of transfered of goods to the customer.

it deals with nature timming and amount and certainity of recovery of amount of goods sold.

IFRS 16 Leases

this specify the accounting of lease of asset with term over 12 months this required correct information on the amount ,timming and uncertainity in the cash flow from lease

IFRS 17 Insurance contracts

It applies on the entity insurance contract including reinsurance contract it issues, reinsurance contracts its hold, and investment contract with discreationary participation feature it issues provided the entity also issues insurance contract.