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:
|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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