International Financial Reporting Standards

International Financial Reporting Standards

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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 26. Chapters: Convergence of accounting standards, IAS 1, IAS 19, IAS 37, IAS 39, IAS 7, IFRS 5, IFRS Foundation, International Public Sector Accounting Standards, List of International Financial Reporting Standards, Requirements of IFRS. Excerpt: International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards.The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external. IFRS began as an attempt to harmonise accounting across the European Union but the value of harmonisation quickly made the concept attractive around the world. They are sometimes still called by the original name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new International Accounting Standards Board took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards International Financial Reporting Standards (IFRS). Since 2011, the Republic of Korea introduced the full-scale the Korea adoption of International Financial Reporting Standards (K-IFRS) IFRS translated into Korean. The Conceptual Framework for Financial Reporting states basic...Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online.

Title:International Financial Reporting Standards
Author:Source Wikipedia
Publisher:Booksllc.Net - 2013-09


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