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The project on the first-time adoption of IFRSs was added to IASB's agenda in September 2001, IFRS 1 was issued in June 2003, and a restructured version was issued on November 24, 2008. There have been several amendments to the standard since it was released, including an amendment in December 2010 to guide entities emerging from severe ...
January 1, 2003: IFRS 1: First-time Adoption of International Financial Reporting Standards 2003 January 1, 2004: IFRS 2: Share-based Payment: 2004 January 1, 2005: IFRS 3: Business Combinations: 2004 April 1, 2004: IFRS 4: Insurance Contracts: 2004 January 1, 2005: January 1, 2023 IFRS 17: IFRS 5: Non-current Assets Held for Sale and ...
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [1] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and ...
The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). [ 1 ]
The Australian Accounting Standards that incorporate IASB Standards include: AASB 1 First-time Adoption of Australian Accounting Standards, AASB 2 Share-based Payment, etc., which incorporate IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 2 Share-based Payment, etc., being the Standards issued by the IASB since 2001
In the United States, the Financial Accounting Standards Board (FASB) is working with the International Accounting Standards Board (IASB) to reduce or eliminate the differences between United States Generally Accepted Accounting Principles (US GAAP) and the IFRS, [1] in particular according to the convergence programme laid out by a 2006 ...
Commonwealth Secretariat: Adopted IPSAS as the basis for financial reporting from 1 July 2008 i.e. Financial Year 2008–2009. Source: Commonwealth Secretariat Website 2008-09 Audited Financial Statements (Page 5 under Accounting Policies). [3] CoE (Council of Europe): Issues IPSAS compliant financial statements since 2007.
In 2006, the FASB began working with the International Accounting Standards Board (IASB) to reduce or eliminate the differences between U.S. GAAP and the International Financial Reporting Standards (IFRS), known as the IASB-FASB convergence project. [15] The scope of the overall IASB-FASB convergence project has evolved over time.