Moores Rowland and IFRS
The accounting standards are recognized internationally as one of the key building blocks that define business transactions. However, Accounting standards can be interpreted to mean different things even in the same country by different companies, leading to unnecessary complexity and uncertainty in financial reporting.
To avoid this complexity, IFRS was established a set of core principles. These principles drive out ambiguity, reduce discretion and simplify the process of preparing financial statements. In simple words simply, applying IFRS standards clears the way of when an entity can recognize something, but not how to recognize it.
Moores Rowland and IFRS9
The IFRS9 accounting standards aim to harmonize IFRS globally to provide a set of high-quality financial reporting standards that enhance investor confidence in the reliability and comparability of the information being presented.
IFRS9 accounting standards are the latest standard by IASB.
It applies to financial reporting since 1st January 2016 for listed entities who have to use IFRS 9 or equivalent standards for their financial statements. This publication describes what has changed (the revised standard is comprehensive and complex), what implementation challenges we identified from a practitioner’s perspective, and how these issues can be dealt with.
The IASB’s objective is to improve the relevance and accuracy of financial reporting by developing and issuing high-quality standards.
IFRS9 is part of a more extensive umbrella set known as International Financial Reporting Standards (IFRS).
IFRS9 originated from the convergence of two different accounting frameworks – The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB).