International Financial Reporting Standards

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International Financial Reporting Standards (IFRS)

Accounting standards differ across countries making it difficult for investors to understand the financial health of corporations in different countries. Countries are gradually adapting the International Financial Reporting Standards proposed by the International Accounting Standards Board (IASB).
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
"We believe it is imperative the foundation find a permanent funding solution for the International Accounting Standard Board's activities," Melancon said at an Oct.
128, Earnings per Share, and International Accounting Standard (IAS) 33, Earnings per Share.
The IASB developed the new "fair value option" under International Accounting Standard (IAS) 39.
144, Accounting for the Impairment or Disposal of Long-Lived Assets, and International Accounting Standard (IAS) 35, Discontinuing Operations--and jointly concluded that Statement no.
In May 2008, the AICPA governing Council voted to recognize the IASB as an international accounting standard setter, giving AICPA members the option to use IFRS as an alternative to U.S.
The Tillinghast Life Insurance CFO Survey found that the trend has companies interested in developments surrounding the adoption of a Phase I International Accounting Standard by the European Union.
In response to the AICPA governing Council's recent vote to designate the International Accounting Standards Board as an international accounting standard setter for purposes of establishing international financial accounting and reporting principles, new and revised Compilation and Review Interpretations of Statement on Standards for Accounting and Review Services No.
The International Accounting Standards Board issued an amendment to the fair value option in International Accounting Standard (IAS) 39, Financial Instruments: Recognition and Measurement.
23, Accounting for Incomes Taxes--Special Areas, including the short-term convergence issue of the FASB exemption for unremitted earnings of foreign subsidiaries being eligible for treatment as a permanent (rather than temporary) difference, and IASB's disagreement with that position as it moves to converge its own International Accounting Standard No.
The new dictionary comprises over 12000 terms relating to accounting and auditing, covering International Accounting Standards, International Auditing Standards, Code of Conduct, finance, investment, banking, insurance and taxes.

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