help me understand about IFRS everything Conceptual Foundations of Financial Statements Presentation of Financial Statements Ind AS 2 Valuation of Inventories Ind AS 7 Statement of Cash Flow Ind AS 16 Accounting for Tangible Non Current Assets Property Plant and Equipment Ind AS 38 Intangible Assets Ind AS 36 Impairment of Assets Ind AS 23 Accounting for Borrowing Cost Ind AS 40 Investment Property Ind AS 115 Revenue from Contracts with Customers Ind AS 12 Income Taxes Ind AS 19 Employee Benefits Ind AS 37 Provisions Contingent Liabilities and Contingent Assets Ind AS 8 Accounting Policies Changes in Accounting Estimates and Errors Ind AS 10 Events after Reporting Date Structure and Contents of Financial Statement

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Welcome to our comprehensive guide on IFRS and Indian Accounting Standards. IFRS, or International Financial Reporting Standards, provides a global framework for financial reporting that ensures consistency and transparency across different countries and organizations. Indian Accounting Standards, known as Ind AS, are converged with IFRS but adapted specifically for the Indian business environment. These standards form the foundation for preparing reliable and comparable financial statements that stakeholders can trust for making informed decisions. The conceptual framework forms the foundation of financial reporting. It establishes the objective of providing useful information to investors, lenders, and other creditors for making decisions. The framework defines qualitative characteristics that make financial information useful, including relevance and faithful representation as fundamental characteristics, and comparability, verifiability, timeliness, and understandability as enhancing characteristics. It also defines the basic elements of financial statements: assets, liabilities, equity, income, and expenses. A complete set of financial statements includes the statement of financial position, statement of profit and loss and other comprehensive income, statement of changes in equity, statement of cash flows, and comprehensive notes.