Chapter 3IFRS Standards that Could Impact All Industries

As we have seen earlier, being principle-based, no one could disagree that all IFRS Standards would impact every industry in some manner or the other. However, there are certain standards within the present set of IFRS Standards that would impact all industries only because the standards either deal with a new concept or are to be followed when an entity moves over to IFRS for the first time. Based on a combination of gut feel and experience, here is a list of Standards that could impact all industries:

Standard Covering
IFRS 1 First time conversion to International Financial Reporting Standards
IAS 36 Impairment of Assets
IAS 40 Investment Property
IFRS 3 Business Combinations
IFRS 5 Non-Current Assets held for Sale
IFRS 8 Operating Segments
IFRS 13 Fair Value Measurement
IAS 39/IFRS 9 Financial Instruments
All IFRS Standards Disclosure Requirements
IFRS 15 Revenue from Contracts with Customers
IFRS 10 Consolidated Financial Statements

A discussion follows:

3.1 IFRS 1 – First-time Conversion to International Financial Reporting Standards

For any entity, transitioning to IFRS is a project by itself. This is due to the fact that they would have to let go of legacy accounting practices and procedures, apply IFRS principles and educate and train their accounting staff to continue applying the new principles in the future – in short, moving over to IFRS involves a change of mindset and culture. ...

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