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This is a list of the International Financial Reporting Standards (IFRSs) and official interpretations, as set out by the IFRS Foundation. It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.
Even though they operate the same way, they report their revenues differently, this is because of the divide between IFRS and GAAP. Both companies follow a five-step model under IFRS 15 and GAAP (ASC 606) [47], but GAAP includes extra layers of industry-specific guidance for sectors such as real estate, software, and financial services. [48]
In 2021, The IFRS Foundation introduced a new semantic twist as it decided to establish the International Sustainability Standards Board (ISSB) as a sister standard-setter to the IASB. Under the new terminology, IFRS consist of the combination of accounting standards issued by the IASB and of sustainability-related standards issued by the ISSB.
Generally Accepted Accounting Principles (GAAP) [a] of Canada provided the framework of broad guidelines, conventions, rules and procedures of accounting.In early 2006, the AcSB decided to completely converge Canadian GAAP with international GAAP, i.e. International Financial Reporting Standards (IFRS), as set by the International Accounting Standards Board (IASB), for most entities that must ...
In 2010, the SEC instructed the staff to create and implement a work plan that addresses whether, when and how U.S. GAAP should be merged into a global reporting model developed by International Accounting Standards Board (IASB)—the standards setting body designated by the International Financial Reporting Standards (IFRS).
The Australian Accounting Standards Board (AASB) has issued 'Australian equivalents to IFRS' (A-IFRS). The AASB has made certain amendments to the IASB pronouncements in making A-IFRS; however, these generally have the effect of eliminating an option under IFRS, introducing additional disclosures or implementing requirements for public sector ...
The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). National Financial Reporting Authority (NFRA) recommend these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable [1] for companies in India. As on date MCA has notified 40 Ind ...
The chief standard-setter is the Accounting Standards Board (ASB), which issues standards called Financial Reporting Standards (FRS). The ASB is part of the Financial Reporting Council , an independent regulator funded by a levy on listed companies, [ 3 ] and it replaced the Accounting Standards Committee (ASC), which was disbanded in 1990 ...