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

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Presentation on theme: "1.01 Generally Accepted Accounting Principles – International Financial Reporting Standards GAAP PowerPoint #5."— Presentation transcript:

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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