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  IAS 21 refers to International Accounting Standard (Effects of change in Foreign Exchange rate). It explains how to account for foreign currency transactions and operations in financial statements, and also how to translate financial statements into a presentation currency. It was reissued in December 2003. There are 3 types of currency linked with the Foreign Exchange Rates: At each subsequent balance sheet date: Foreign currency monetary amounts should be reported using the closing rate  Non-monetary items carried at historical cost should be reported using the exchange rate at the date of the transaction Non-monetary items carried at fair value should be reported. At the rate that existed when the fair values were determined Exchange difference arises when monetary items are settled other than the rates where they are initially recognized and are reported as profit or loss during the period. ·         The difference in the value of the foreign c
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IFRS 15-Revenue Recognition

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  IFRS 15-Revenue Recognition Revenue is defined as total amount of income generated by sales of goods and services related to the primary operation of business . Basically, any revenue which a company generates through the selling of a good or a product is considered revenue. All revenue is considered income, but not all types of income are revenue. For e.g., Interest earned .It is recognized as and when it is earned rather than payment is received. It is an accrual accounting not the cash accounting . It was earlier under IND-AS 9 , but as now IFRS is used so this is termed as IFRS 15. IFRS 15 is applicable for annual reporting periods beginning on or after 1 st January 2018. The main objective is to establish the principles that an organization shall apply to report useful information to users of financial statements which is external or internal about the nature, amount, timing and uncertainty of revenue and cash flows arising from contract. Main Steps required for r
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IFRS- International Financial Reporting Standard The Global Accounting Language

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  IFRS-International Financial Reporting Standard   The finance and accounting profession is emerging as a fast-growing profession. While,  General Accepted Accounting Principles (GAAP)  are becoming less prevalent and  IFRSs  are gaining momentum worldwide. These standards have  The worldwide acceptance of these international standards has created a potential demand for the IFRS professionals. The companies prefer to recruit those candidates who are having an expertise in these international standards apart from their normal specialization in finance and accounting. Thus, creating a huge demand for IFRS professionals. The proficiency in these international standards is highly recommended for Chief Accountant, Chief Financial Officer, Finance Managers, Bank Managers, Financial Controllers, Accountants, Financial Analyst, Auditors and Portfolio Managers. Let’s get a detailed knowledge about IFRS basic. IFRS full form International Financial Reporting Standard. It is a set o
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Marriage Vs Career Choosing career over marriage can be a hard decision and vice versa too. It is important to analyze the situation and then to take any decision. As marriage comes with a lot of hopes, dreams, changes and uncertainties, both the partners must discuss about their careers before agreeing for the marriage. This is important as the person you are getting married can make you or break you . I thought of marriage as a personal decision. I was aware that the person I would be getting married to would have an impact on my personal life. It is very true that it is impossible for any woman to pursue career without her husband's support. As I am very passionate regarding my career, job and further education, I discussed the same with my husband. I would say that I am really lucky that he supports me in every manner and I also get support from my mother-in-law and brother-in-law. There are many ways in which marriage can influence one's career. It is not easy to move jobs
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