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Solution

1)-IFRS ARE INTERNATIONAL FINANCIAL REPORTING STANDARDS ISSUED BY IFRS FOUNDATION AND THE INTERNATIONAL ACCOUNTING STANDARD BOARDS TO PROVIDE A COMMON ACCOUNTING PLATFORM GLOBALLY.

2)-IASB IS THE INDEPENDENT ACCOUNTING STANDARD SETTING BODY OF THE IFRS FOUNDATION.

4)-BY CONVERTING TO IFRS A GLOBAL ACCOUNTING PLATFORM CAN BE PROVIDED TO THE ENTITIES.

5)-IT IS SECURITIES EXCHANGE COMMISSION.

6)-A)-CONSISTENCY

B)-UNIFORMITY

C)-RELIABILITY

7)-THE PRINCIPLE ORIENTED APPROACH IS BASICALLY THAT APPROACH WHICH IS BASED ON OVERALL PATTERN OF THE GIVEN SCENARIO WHERE RULE BASED APPROACH ARE FORMED AFTER THOROUGH RESEARCH PURPOSES.

8)-TWO EXAMPLES

A-IN IFRS LIFO I.E LAST IN FIRST OUT IS NOT ALLOWED WHEREAS SAME IS ALLOWED IN US GAAP

B-IFRS STATES TO CAPITALIZE DEVELOPMENT COSTS IF RECOGNITION CRITERIA ARE MET WHEREAS SAME IS TO BE EXPENSED OFF AS PER US GAAP

9)-IT IS IMPORTANT TO LEARN IFRS BECAUSE-

A-IT WILL PROVIDE GLOBAL ACCOUNTING PLATFORM.

B-STANDARDS SET BY THEM ARE RELIABLE AND PROVIDES TRUE AND FAIR VIEW OF FINANCIAL STATEMENTS.