When did Infosys adopt IFRS?
We have fully adopted IFRS as issued by the International Accounting Standards Board for our filings with SEC, effective March 31, 2009. Audited IFRS statements are available in our Annual Report on Form 20-F, filed with SEC for the year ended March 31, 2011.
What financial statements are required by IFRS?
The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows.
How many financial statements are there in IFRS?
two statements
two statements: a separate statement of profit or loss. a statement of comprehensive income, immediately following the statement of profit or loss and beginning with profit or loss [IAS 1.10A]
Which accounting standards are followed by Infosys?
15.1. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956 and guidelines issued by the Securities and Exchange Board of India (SEBI).
What is turnover in IFRS?
Turnover is the net sales generated by a business, while profit is the residual earnings of a business after all expenses have been charged against net sales.
Is IFRS applicable in India?
Indian Accounting Standards (Ind AS) are based on and substantially converged with IFRS Standards as issued by the Board. India has not adopted IFRS Standards for reporting by domestic companies and has not yet formally committed to adopting IFRS Standards.
What are the five types of financial statements?
Those five types of financial statements include the income statement, statement of financial position, statement of change in equity, cash flow statement, and the Noted (disclosure) to financial statements.
What is liability in IFRS?
Liability [of an entity] • a resource controlled by the entity • a present obligation of the entity. • as a result of past events. • arising from past events. • from which future economic. benefits are expected to flow to.
How does IFRS affect financial statements?
Compared to Indian GAAP, revenue under IFRS will be lower, and earnings before interest, tax, depreciation and amortization will also be lower, as the financing component will be recognized as interest income. IFRS will require companies to make significant new disclosures.