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International Financial Reporting Standards (IFRS) set basic guidelines with the goal that budget summaries can be steady, straightforward and equivalent around the globe. IFRS are given by the International Accounting Standards Board (IASB) They specify how companies must maintain and report their accounts, defining types of transactions and other events with financial impact. IFRS series guidance: IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. The IFRS grants limited exemptions from the general the requirement to comply with each IFRS effective at the end of its first IFRS reporting period. IFRS: 2 A share-based payment is a transaction in which the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for a