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1. SGT UNIVERSITY PRESENTATION ON FEATURE OF IFRS GUIDED BY:- MRS. NAMRATA YADAV PRESENTED BY:- ROHIT YADAV- 220617010 KAPIL YADAV- 220617015

2. INTRODUCTION International Financial Reporting Standards (IFRS) are  a set of accounting standards that govern how particular types of transactions and events should be reported in financial statements . They were developed and are maintained by the International Accounting Standards Board (IASB).

3. FEATURE OF IFRS PRINCIPLE BASED APPROACH:- The rule frames under international financial reporting standards are broad based and not very elaborative, prescriptive or inflexible in nature. It is the main feature of IFRS. FAIR VALVE ACCOUNTING: Accounting based upon historical cost based principle suffer from a number of short coming. IFRS encourages fair value accounting principles, which are considered forward looking and superior one as compared to the historical cost based principle.

4. COMPREHENSIVE INCOME :- The concept of comprehensive income is of recent origin in the evolution process of accounting standard and it occupies an important place in the agenda of IFRS. It provides transparency in showing all revenue expenses , gain, losses,etc . CONSOLIDATION :- Under the consolidation technique, which is the part of IFRS,the assest and liabilities of a company subsidiaries are required to be valued at their fair value as on the date of acquisition.

5. TRANSPARENCY :- Transparency in accounting and especially in the preparation of financial statement comes from the underlying and strong faith in the market forces. GOING CONCERN :- Financial statements are present on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so.

6. ACCRUAL BASIS OF ACCOUNTING :- An entity shall recognise items as assets, liabilities equity, income and expenses when they satisfy the defination and recognition criteria for those elements in the framework of IFRS. FREQUENCY OF REPORTING :- IFRS requires that atleast annually a complete set of financial statement is presented. However listed companies generally also publish interim financial statements.