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International Financial Reporting Standards (IFRS) are a set of accounting standards developed
by the International Accounting Standards Board (IASB) to provide a global framework for
financial reporting
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"International Financial Reporting Standards (IFRS)"

International Financial Reporting Standards (IFRS) are a set of accounting standards that
provide a global framework for financial reporting
...

By providing a common set of standards, IFRS allows for greater comparability of financial
statements, making it easier for investors and other stakeholders to understand and analyze
financial information
...


IFRS 1 - First-time Adoption of International Financial Reporting Standards

The International Financial Reporting Standards (IFRS) are a set of accounting standards
developed by the International Accounting Standards Board (IASB) to provide a global
framework for financial reporting
...
This standard guides how an entity
should apply IFRS when it prepares its first IFRS financial statements
...
It requires entities to apply IFRS at
the beginning of the annual period the entity first applies IFRS
...


IFRS 1 also requires entities to disclose information about their transition to IFRS, including the
reasons for choosing IFRS, the impact of IFRS on their financial statements, and any changes in

accounting policies resulting from the growth
...


The first-time adoption of IFRS can be complex and time-consuming for entities
...
This promotes comparability of financial statements across different countries,
industries, and entities, which benefits investors and other stakeholders
...
IFRS 2 is the
International Financial Reporting Standards (IFRS) standard guides accounting for share-based
payment transactions
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The fair value of the share-based payment is measured at the grant date and is
recognized as an expense over the vesting period
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IFRS 2 also requires entities to disclose information about share-based payment transactions in
the financial statements, including the nature of the transaction, the fair value of the sharebased payment, and the number of shares issued or options granted
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The accounting for share-based payment transactions can be complex
...
This promotes comparability of financial statements across different countries,
industries, and entities, which benefits investors and other stakeholders
...
IFRS 3 is the International Financial Reporting Standards (IFRS) standard guides
accounting for business combinations
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The fair value of the assets and
liabilities is determined using various methods, including market prices, discounted cash flows,
and option pricing models
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IFRS 3 also requires entities to recognize any goodwill or negative goodwill arising from a
business combination
...
In contrast, negative goodwill is the excess of the cost of the purchase over
the fair value of the net assets acquired
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This
information provides transparency and comparability for investors and other stakeholders
...
However, the guidance provided by IFRS
3 helps to ensure that these transactions are accounted for consistently and transparently
...


IFRS 4 - Insurance Contracts

Insurance contracts are agreements in which an insurer agrees to pay a specified amount of
money or provide selected services in the event of certain defined circumstances, such as
death, injury, or property damage
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IFRS 4 requires entities to recognize insurance contracts' assets, liabilities, and equity in their
financial statements
...


IFRS 4 also requires entities to disclose information about the insurance contracts in the
financial statements, including the nature of the agreements, the present values of the assets
and liabilities, and any changes in the current values over time
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The accounting for insurance contracts can be complex
...

This promotes comparability of financial statements across different countries, industries, and
entities, which benefits investors and other stakeholders
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Non-current assets held for
sale are assets that an entity has decided to sell and are actively being marketed for sale
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IFRS 5 requires entities to classify non-current assets held for sale as assets held for sale and to
measure them at the lower of their carrying amount and fair value fewer costs to selling
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IFRS 5 also requires entities to present and disclose discontinued operations separately from
continuing operations in the income statement
...
The financial results of
these operations are presented separately from continuing operations in the income
statement, and the gain or loss on disposal is recognized as an extraordinary item
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However, the guidance provided by IFRS 5 helps to ensure that these transactions are
accounted for consistently and transparently
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IFRS 6 - Exploration for and Evaluation of Mineral Resources

Exploration for and evaluation of mineral resources are activities that entities undertake to
identify and evaluate mineral resources' existence, quality, and quantity
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IFRS 6 requires entities to recognize the exploration and evaluation costs as an expense in the
income statement when incurred
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In that case, the entity may capitalize the costs as an asset
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This information provides transparency and comparability for
investors and other stakeholders
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However, the guidance provided by IFRS 6 helps to ensure that these activities are accounted
for consistently and transparently
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IFRS 7 - Financial Instruments: Disclosures

Financial instruments are assets or liabilities that can be bought or sold, such as stocks, bonds,
and derivatives
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IFRS 7 requires entities to disclose the nature and extent of their risks associated with financial
instruments, including credit risk, liquidity risk, and market risk
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IFRS 7 also requires entities to disclose information about the fair value of their financial
instruments and the methods used to determine that value
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IFRS 7 also requires entities to disclose information about the credit quality of their financial
assets and the credit risk associated with their financial liabilities
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Accounting for financial instruments can be complex
...
This

promotes comparability of financial statements across different countries, industries, and
entities, which benefits investors and other stakeholders
...
IFRS 8 is the International Financial Reporting
Standards (IFRS) standard that guides disclosures for operating segments
...
This information provides transparency and
comparability for investors and other stakeholders
...
This information provides
transparency and comparability for investors and other stakeholders
...
This
information provides transparency and comparability for investors and other stakeholders
...
However, the guidance provided by
IFRS 8 helps to ensure that these segments are accounted for consistently and transparently
...


IFRS 9 - Financial Instruments

Financial instruments are assets or liabilities that can be bought or sold, such as stocks, bonds,
and derivatives
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IFRS 9 requires entities to classify financial assets into three categories: amortized cost, fair
value through other comprehensive income (FVOCI), and fair value through profit or loss
(FVPL)
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This classification is intended to provide
transparency and comparability for investors and other stakeholders
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This is intended to provide a more realistic picture of the credit risk
associated with financial help
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This information provides
transparency and comparability for investors and other stakeholders
...
However, the guidance provided by IFRS 9
helps to ensure that these instruments are accounted for consistently and transparently
...


IFRS 10 - Consolidated Financial Statements

Consolidated financial statements are financial statements that present the financial position
and performance of a parent entity and its subsidiaries as if they were a single entity
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IFRS 10 requires entities to consolidate the financial statements of all subsidiaries for which the
parent entity controls the financial and operating policies
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IFRS 10 also requires entities to disclose the nature of their relationships with their subsidiaries
and information about their subsidiaries' financial position and performance
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IFRS 10 also requires entities to present consolidated financial statements that reflect the
economic substance of the transactions and other events rather than just their legal form
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The accounting for consolidated financial statements can be complex
...
This promotes comparability of financial statements across different countries,
industries, and entities, which benefits investors and other stakeholders
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Companies have adopted these standards in over 150 countries
worldwide, making them a widely accepted and recognized standard for financial reporting
...
The IFRS has also helped to

increase the efficiency of the financial reporting process by reducing the complexity and costs
associated with preparing financial statements
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