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What are the main or basic features of IFRS?

What are the basic/main features to be aware while we do the financial reporting as per IFRS

IFRS
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Question added by Biju P Poulo , Financial Advisor , Getaer Business Solutions Pvt Ltd
Date Posted: 2016/11/15
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Anil Lalwani
by Anil Lalwani , Chief Accountant , Al Ahli Hospital

IFRS financial statements come in various shapes and sizes, but they all have certain features in common. Information in IFRS financial statements has these characteristics:

  • Relevance: So that it makes a difference to the decisions about a company made by users of the statements.

  • Faithful representation: Financial statements are complete and free from bias and error.

  • Comparability: You can compare financial statements from one period to the next or for two companies in the same industry so that you can make informed decisions about the companies.

  • Verifiability:Different people could reach the same decision based on the information, but not necessarily reach complete agreement.

  • Timeliness: You make information available to users in good time. Historical information quickly becomes out of date.

  • Understandability: You present and classify information clearly and concisely to make it understandable to users.

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