Sure, one real-world example of IFRS application is the case of British Airways, a UK-based airline company. In 2018, British Airways adopted the new IFRS 16 standard for lease accounting.

Under the old standard, leases were classified as either operating or finance leases, and only finance leases were recognized on the balance sheet as assets and liabilities. However, under IFRS 16, all leases are required to be recognized on the balance sheet as right-of-use assets and lease liabilities.

This meant that British Airways had to recognize a significant increase in lease liabilities on their balance sheet, as they lease a large number of aircraft, engines, and other equipment. They also had to reclassify a portion of their rental expenses from operating expenses to interest and depreciation expenses on the income statement.

Overall, this example shows how IFRS standards can have a significant impact on a company's financial statements and accounting practices, requiring companies to adapt and change their processes accordingly.

For instance, in 2018, the global retail giant, Walmart, adopted IFRS accounting standards. Under IFRS, Walmart reported a $2.2 billion reduction in net income for the year, primarily due to changes in accounting treatment for leases. This change was significant as Walmart had to recognize its operating lease obligations as liabilities on its balance sheet, impacting its financial ratios and key performance metrics.

This example shows how the adoption of IFRS can have a significant impact on the financial reporting of a company, which in turn affects its stakeholders, including investors, creditors, and regulatory bodies. It highlights the importance of understanding and correctly applying IFRS accounting standards in order to provide accurate financial information and comply with regulatory requirements.

Another example under IFRS is the adoption of the new revenue recognition standard. This standard, known as IFRS 15, provides a framework for how companies should recognize revenue from contracts with customers. It requires companies to identify performance obligations in contracts, estimate the transaction price, and allocate the transaction price to the performance obligations.

For example, a company that sells a product with a warranty would need to allocate a portion of the transaction price to the warranty and recognize that revenue over the period of the warranty, rather than recognizing all of the revenue at the time of sale.

IFRS 15 has had a significant impact on various industries, including software and construction, as it changes the way they recognize revenue. The adoption of this standard has required companies to reassess their revenue recognition policies, implement new systems and processes, and provide additional disclosures in their financial statements.

Overall, the adoption of new accounting standards such as IFRS requires companies to consider the impact on their financial statements and operations, implement new systems and processes, and provide additional disclosures to stakeholders.

Here's another real-world example under IFRS:

Company XYZ, a manufacturing company, is planning to expand its operations in a foreign country. As per IFRS, the company has to evaluate the economic environment, legal framework, and regulatory requirements of the foreign country. The company also has to consider the impact of the expansion on its financial statements, including the recognition and measurement of assets, liabilities, revenue, and expenses.

To comply with IFRS, the company has to assess whether any specific accounting treatment is required for the expansion costs, such as the recognition of intangible assets or research and development expenses. The company may also need to consider the impact of currency fluctuations and exchange rate differences on its financial statements.

By following IFRS, the company can ensure that its financial statements provide accurate and transparent information about the expansion and its impact on the company's financial position, performance, and cash flows.