Team 5.
Mendoza Contreras Ximena Paola
Millan González Carlos Roberto
Nava Villeda Vania
Sánchez Roque Fernanda Itzel
Vazquez Velázquez Fátima Alondra
IFRS
International Financial
Reporting Standards
IFRS are issued by the International Accounting
Standards Board (IASB).
They are accounting application criteria that unify
the treatment and financial information worldwide,
so that economic events are recognized in a
standardized way in any country.
Objective
The objective of the International Financial
Reporting Standards (IFRS) is to establish a
set of accounting standards that are
applicable worldwide, in order to harmonize
financial information and facilitate the
comparability of financial statements.
Mission Statement
Our mission is to develop high-quality IFRS
Standards that bring transparency, accountability
and efficiency to the world's capital markets.
Our work serves the public interest by fostering
confidence, growth, and long-term financial stability
in the global [Link] work serves the public
interest by fostering confidence, growth, and long-
term financial stability in the global economy.
They are used in over 110 countries around the
world, including: Ecuador,
Argentina, El Salvador,
Brazil, Guatemala,
Chile, Honduras,
Colombia, European Union,
Costa Rica, Hong Kong,
Dominican Republic, etc.
IFRS aims to
Harmonize financial information of companies globally.
Facilitate the comparison of financial statements
between companies.
Present financial information of companies in a universal
language.
Improve the transparency of financial information.
Facilitate decision-making by users of financial
information, such as investors, analysts and regulators.
Features of IFRS:
1. Transparency: They enhance financial transparency, ensuring that
information faithfully reflects the company’s economic situation.
2. Comparability: IFRS make it easier to compare financial statements
between companies from different countries, aiding investment decisions and
performance evaluation.
3. Consistency: By establishing common standards, they reduce the
differences in how assets, liabilities, revenues, and expenses are accounted
for.
Evolution over time
1973: Creation of the International Accounting Standards Committee (IASC).
1975 First International Accounting Standards (IAS).
1997: The Standards Interpretation Committee (SIC) emerges.
2001: The IASC is replaced by the (IASB) and the IAS are replaced by the (IFRS).
2002: The (SIC) is replaced by the Financial Reporting Interpretation Committee
(IFRIC).
2003 First IFRS with its interpretation of the IFRIC.
2009: The IFRS for SMEs emerge.