MD& A – Management Discussion and Analysis

IFRS: International Financial Reporting Standards

International Financial Reporting Standards (IFRS) are a set of standards that describe the manner in which data should be reported in a financial statement. Each transaction and each type of event should be reported in a financial statement as per the guidelines of IFRS IFRS was coined with a great mission in place by the [...]

IFRIC: International Financial Reporting Interpretations Committee

IFRIC stands for International Financial Reporting Interpretations Committee. International Financial Reporting Interpretations Committee functions as the interpretative body of IASB (International Accounting Standards Board). It has the authority is interpret IAS (International Auditing Standards) and IFRS (International Financial Reporting Standards) however it should be approved by the IASB before publishing as an official document. The [...]

IFAC: International Federation of Accountants is a federation

International Federation of Accountants is a federation is commonly known as IFAC. It is a federation of almost all national professional accounting bodies around the world. IFAC’s committees formulate standards in auditing, education, ethics and the public sector financial reporting. IFAC, in its own interest guides and supports professional accountants in business, small and medium [...]

GAAS: Generally Accepted Auditing Standards

Generally Accepted Auditing Standards is an organized set of standards put together by the American Institute of Certified Public Accountants to maintain consistency in auditing done by all auditors. Auditors perform audits on company finances as per the guidelines mentioned in GAAS. It ensures that the work is consistent and verifiable GAAS are categorized into [...]