International Financial Reporting Standards (IFRS)

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

Additional Information
Noteworthy, is that IFRS has not yet been adopted by the United States who as of 2016 continue to issue and receive reports using the GAAP format. Key differences between the IFRS and GAAP are as follows; IFRS does not permit Last In, First Out; in IFRS a single-step format for impairment write downs is used, as opposed to the two steps prescribed by GAAP.

http://www.ifrs.com/updates/aicpa/ifrs_faq.html

Who it affects
Companies who do business in in the 120 countries who have adopted IFRS. A list of countries that have done so is available here.

Wikipedia Entry
https://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

Back to the Opus Periodic Table of Bank Regulation & Compliance