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.

Global Standards offer opportunity. (International Accounting: Europe)

43 and the IASB's International Accounting Standard no.

Highlights

128, Earnings per Share, and International Accounting Standard (IAS) 33, Earnings per Share.

Amendments to simplify and achieve international convergence in the calculation of EPS

The IASB developed the new "fair value option" under International Accounting Standard (IAS) 39.

Fair value accounting

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.

New interpretations issued in response to council action on IASB

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.

Convergence: in search of the best: CPAs should understand how U.S. and foreign accounting standards influence each other

As the international accounting standard goes into effect in the EU Jan.

Reserving judgment: the advent of the International Financial Reporting Standard finds European insurers in a gray area when it comes to accounting for insurance contracts

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.

www.iasb.org

The International Accounting Standards Board issued an amendment to the fair value option in International Accounting Standard (IAS) 39, Financial Instruments: Recognition and Measurement.

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.

Ask FERF (financial executives research foundation) about ... recent regulatory highlights

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.

The International Financial Reporting Interpretations Committee (IFRIC) of the International Accounting Standards Board amended Interpretation 12, Consolidation--Special Purpose Entities (www.iasb.org/news/lasb.asp) to remove its scope exclusion of equity compensation plans