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).

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.
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He is also a member of the International Accounting Standard Committee's (IASC) Standards Advisory Council.
43 and the IASB's International Accounting Standard no.
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.
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.
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.
International Financial Reporting Standard (IFRS) 7, Financial Instruments: Disclosures, introduces requirements to improve information on financial instruments in entities' financial statements, replacing International Accounting Standard (IAS) 30, Disclosures in the Financial Statements of Banks and Similar Institutions, and some of the requirements in IAS 32, Financial Instruments: Disclosure and Presentation.
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.
IFRIC made these changes to ensure the interpretation was consistent with International Accounting Standard 19, Employee Benefits (as amended in 2002), which no longer applied to equity compensation plans after International Financial Reporting Standard (IFRS) 2, Share-Based Payment, became effective for annual periods beginning on or after January 1, 2005.

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