What are some examples of IFRS standards?
An example of an AI chatbot conversation about IFRS standards and their applications.
What are some examples of IFRS standards?
IFRS standards include IFRS 9 for financial instruments, IFRS 15 for revenue from contracts with customers, and IFRS 16 for leases.
Can you explain IFRS 15 in more detail?
Sure! IFRS 15 outlines how to recognize revenue from contracts with customers, focusing on the transfer of control rather than the transfer of risks and rewards.
What is the main purpose of IFRS standards?
The main purpose of IFRS standards is to provide a global framework for how public companies prepare and disclose their financial statements.
How do IFRS standards differ from GAAP?
IFRS standards are principles-based, while GAAP is rules-based. This leads to differences in how certain transactions are reported.
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