FRA IFRS

IFRS

• Overview
• History & facts
• Convergence
• Differences between GAAP & IFRS

History and Facts

IFRS:

International Financial Reporting Standards, are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.

IASB:

is an independent accounting standard-setting body, based in London. It consists of 15 members, increasing from multiple countries, including the United States. The IASB began operations in 2001 when it succeeded the International Accounting Standards Committee.

• Increased economic globalization over the past twenty years sparked demand for a single, worldwide set of high-quality accounting standards. Countries gradually began turning to IFRS
• By the end of 2011, 120 nations and reporting jurisdictions permitted or required IFRS for domestically-listed companies. Among the countries now permitting or requiring companies to use IFRS are the European Union, Australia, New Zealand, Israel, Canada, Russia
• Several countries including China, India, and Japan have IFRS adoption or convergence plans that will come into effect in the next year or two