Also IFRSInternational Financial Reporting Standards More. IFRSInternational Financial Reporting Standards More are Standards, Interpretations and the Framework adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRSInternational Financial Reporting Standards More are known by the older name of International Accounting Standards (IAS). The underlying assumptionsAssumptions are factors that, for planning purposes, are con... More used in IFRSInternational Financial Reporting Standards More are: • AccrualWork done for which payment is due but has not been made. Se... More basis – the effect of transactions and other events are recognized when they occur, not as cash is gained or paid • Going concern – an entity will continue for the foreseeable future • Stable measuring unit assumption – financial capital maintenance in nominal monetary units; i.e., accountants consider changes in the purchasing power of the functional currency up to but excluding 26% per annum for three years in a row (which would be 100% cumulative inflation over three years or hyperinflation as defined in IFRSInternational Financial Reporting Standards More) as immaterial or not sufficiently important for them to choose financial capital maintenance in units of constant purchasing power during low inflation and deflation as authorized in IFRSInternational Financial Reporting Standards More in the Framework, Par 104 (a).
