Professional Documents
Culture Documents
Regulatory Framework
of
Accounting"
Ibtesam Bashir
Roll No: BI 504723
M.Com Semester 1
presented to: Mr.Bilal Kamran
Accounting Cycle:
Must be repeated to perform business
activities....
Journal
Ledger
Trial Balance
Adjusted Trial Balance
Additional Trial Balance
Income Statement
Balance Sheet
Closing Entries
After Closing Trail Balance
Work Sheet
The Standard:
Explain how transactions are recorded.
Objective of Standard
Used to assist the Business transactions
Standard setting bodies in the world.
IASC had created IAS standards between 1971
to 2001.
Later new body IASB overcome IASC and
created new reporting standards known as
IFRS.
IAS Standards:
IAS Standards:
IFRS ReportingStandards:
IFRS-1 First-time Adoption of International Financial Reporting
Standards
IFRS-2 Share-based Payment
IFRS-3 Business Combinations
IFRS-4 Insurance Contracts
IFRS-5 Non-current Assets Held for Sale and Discontinued Operations
IFRS-6 Exploration for and Evaluation of Mineral Assets
IFRS-7 Financial Instruments: Disclosures
IFRS-8 Operating Segments
IFRS-9 Financial Instruments
IFRS-10 Consolidated Financial Statements
IFRS-11 Joint Arrangements
IFRS-12 Disclosure of Interests in Other Entities
IFRS-13 Fair Value Measurement
IFRS-14 Regulatory Deferral Accounts
IFRS-15 Revenue from Contracts with Customers
Characteristics of Framework:
Relevance
Comprehensibility
Reliability
Timeliness
Comparability
Objectivity
Understand-ability
Completeness
Fair Presentation
Neutrality
Completeness