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GAAP PowerPoint #5.  International Financial Reporting Standards  Adopted in 1989 by the International Accounting Standards Board  Composed of principles-based.

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Presentation on theme: "GAAP PowerPoint #5.  International Financial Reporting Standards  Adopted in 1989 by the International Accounting Standards Board  Composed of principles-based."— Presentation transcript:

1 GAAP PowerPoint #5

2  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  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  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  Explain the concept behind the IFRS.  Summarize the projected target date for US implementation of IFRS.

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