IFRS


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IFRS

International Financial Reporting Standards

A system for standardizing accounting practices across the world. International Financial Reporting Standards are issued and interpreted by the International Accounting Standards Board. Though it has no authority to enforce its rulings, a number of jurisdictions, including the European Union, Singapore, and the Gulf Cooperation Council follow its guidelines anyway. The IFRS replaced the International Accounting Standards in 2001.
References in periodicals archive ?
In India, the convergence of the country's accounting standards (Ind AS) with IFRS would bring the financial reporting practices of India's corporates at par with the global standards, which have already been widely adopted by more than one hundred countries.
situations with regard to use of the IASB-written standards: since March 2010, Japan has approved voluntary application of IFRS by its listed domestic companies.
However, there continue to be areas that are underdeveloped-" and "the (SEC) Staff's outreach both domestically and internationally indicates that the IFRS IC should do more to address issues on a timely basis", have evoked considerable debate in the world of international accounting wherein more than 120 countries are already applying IFRS.
At this time, IFRS acceptance includes more than 12,000 companies in 113 nations with the number likely to exceed 150 countries within the next few years.
No deadline was announced for the comments; the ultimate decision on IFRS rests with the five SEC commissioners.
An ongoing criticism of the IFRS XBRL taxonomy is its lack of industry-specific tags.
Much progress has been made by the IASC since its inception in 1973, as demonstrated by the adoption of International Financial Reporting Standards (IFRS) by the European Union and Australia and the recent proposed roadmap suggested by the Securities and Exchange Commission (SEC) for the convergence of IFRS with U.
Graduates of accounting and other business programs who are knowledgeable about IFRS will enjoy a competitive advantage over those who do not possess such knowledge.
This study adds to the limited number of research on mandatory IFRS adoption.
This half-day course is aimed at those who already have an understanding of IFRS, but want to get up to speed with how the current standards have been revised in recent months.
Someone in senior management needs to serve as the catalyst for the organization's IFRS effort.
Director General at the office of CAG, wrote in the appreciation letter dated 24 December 2010 (with respect to the December 2010 Training), "It gives me great pleasure to convey my immense and heartfelt thanks for the IFRS lectures delivered by you (Ravindra Vadali) at International Centre for the Information Systems and Audit (ICISA) during our training programme on International Financial Reporting Standards (IFRS).