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The IFRS or the International Financial Reporting Standard is the standard issued in order to provide the common global language for the business affairs so as to make all the company accounts understandable and comparable across the international boundaries. The International Financial Reporting Standard is issued by the International Financial Reporting Standard Foundation and the International Accounting Standards Board. In the International Financial Reporting Standard Homework Help, it is given that, for the companies that have dealings with different countries, International Financial Reporting Standard is very important as they are the consequence of trading and growing international shareholding. The set of international accounting standard are known as International Financial Reporting Standard which states how particular type of transactions and other events should be reported in the financial statements. They specify exactly the way the accountants must be maintaining the reports of their accounts. The main aim or the goal of the International Financial Reporting Standard is to maintain stability and transparency throughout the financial world which allows the business and individual investors for the making of the educated financial decisions so that they can see what is happening with the company in which they are interested in investing. International Financial Reporting Standard Homework Help states that the International Financial Reporting Standard has replaced the older standards i.e. the International Accounting Standards.
 

The Elements of the International Financial Reporting Standard

 
There are various elements of the International Financial Reporting Standard which are enlisted in International Financial Reporting Standard Homework Help.These are
 
• Assets- the resource which is controlled by an entity as a result of the previous events is known as an asset from which the future economic benefits are expected to flow to the entity.
 
• Equity- the nominal residual interest in the nominal assets of the entity after deducting all the liabilities from the nominal value is known as nominal equity which is an important element of International Financial Reporting Standard.
 
• Liabilities- the liability is nothing but the present obligation of the entity which also arises from the previous events. The settlement of the liability is expected to result as an outflow from the entity of resources which embeds the economic benefits. This is yet another important element of the International Financial Reporting Standard. To know more about liabilities, refer International Financial Reporting Standard Homework Help.
 
• Revenues- the revenues increase in the economic benefit during the time of an accounting period which is in the form of inflows and enhancements of assets, or decrease of liabilities which in turn results in the increase in equity.
• Expenses- during an accounting period, the economic benefits decrease in the form of outflows or depletion of assets which in turn results in the decrease in equity.
 

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