IFRS Impact Assessment

International Financial Reporting Standards (IFRS) are designed to bring consistency to accounting language, practices and statements, and to help businesses and investors make educated financial analyses and decisions. When a new IFRS comes into force by International Accounting Standards Board (IASB) or an existing standard gets revised, its impact on the financial statements with respect to measurement, recognition, and disclosure on the assets, liabilities, revenue and expenses of an entity need to be assessed.

IFRS impact assessment from time to time is beneficial for stakeholders and prospective investors to get a fair idea on the impact of new or revised IFRS on the business of the entity.