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

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Presentation transcript:

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 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. http://en.wikipedia.org/wiki/Ifrs

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

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.

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