Financial Reporting Standards

Entities are required to comply with the following standards to operative their financial statements?

اداروں کو اپنے مالی بیانات کو چلانے کے لیے درج ذیل معیارات کی تعمیل کرنے کی ضرورت ہے؟
Answer: All of these
Explanation

IAS (International Accounting Standards):


  • These are older accounting standards that were issued before IFRS.
  • Still valid unless replaced by IFRS.

IFRS (International Financial Reporting Standards):


  • Issued by the IASB (International Accounting Standards Board).
  • Modern framework used globally for preparing financial statements.

ISA (International Standards on Auditing):


  • These are used by auditors, not for preparing financial statements but for auditing them.


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