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1.01 Generally Accepted Accounting Principles – International Financial Reporting Standards

1.01 Generally Accepted Accounting Principles – International Financial Reporting Standards. GAAP PowerPoint #5. What is the IFRS?. International Financial Reporting Standards Adopted in 1989 by the International Accounting Standards Board

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1.01 Generally Accepted Accounting Principles – International Financial Reporting Standards

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  1. 1.01 Generally Accepted Accounting Principles – International Financial Reporting Standards GAAP PowerPoint #5

  2. What is the IFRS? • International Financial Reporting Standards • Adopted in 1989 by the International Accounting Standards Board • Composed of principles-based standards, interpretations, and framework that establish broad rules and treatments of events • Because of numerous companies operating globally, standards that are applicable to all countries need to be developed.

  3. Framework of IFRS • States the basic principles for IFRS • Currently being updated and converged with the IASB and FASB • Objective is to create a sound foundation for future accounting standards

  4. US GAAP becoming IFRS • In February 2010, the SEC voted unanimously to reaffirm its commitment to the goal of a single set of High Quality Global Accounting Standards. • In October 2010, the SEC began working on a plan to combine GAAP and IFRS. • US companies may move to IFRS in approximately 2015 or 2016.

  5. Questions for Understanding/Discussion • Explain the concept behind the IFRS. • Summarize the projected target date for US implementation of IFRS.

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