IFRS

International Financial Reporting Standards (IFRS) are a set of principles-based standards and interpretations which have been adopted by the International Accounting Standards Board (IASB). The accounting methods and standards used prior to the IFRS were categorized under the International Accounting Standards (IAS). In India, the Institute of Chartered Accountants (ICAI) has announced that the adoption of IFRS in the tabulation of accounts would be made mandatory for financial statements prepared for accounting periods beginning on or after 2011. This has been a revolutionary step in the world at large, and India in particular. The IFRS is another attempt to standardize accounting procedures all over the world.