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The Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States, also revised its consolidation rules in response to the 2007–2008 financial crisis, although its revised guidance is not identical to IFRS 10, 11 and 12. [1] However, IFRS 11 is very close to the FASB guidance for joint ventures. [1]
For example, one study [54] used data from 26 countries to study the economic consequences of mandatory IFRS adoption. It showed that, on average, even though market liquidity increases around the time IFRS is introduced, it is unclear whether IFRS mandate adoption is the sole reason for observed market effects.
IFRS 3: SIC 10 Government Assistance-No Specific Relation to Operating Activities 1998 August 1, 1998: SIC 11 Foreign Exchange - Capitalisation of Losses Resulting from Severe Currency Devaluations 1998 August 1, 1998: January 1, 2005: IAS 21: SIC 12 Consolidation-Special Purpose Entities 1998 July 1, 1999: January 1, 2013: IFRS 10: SIC 13
IFRS 9 is an International Financial Reporting Standard (IFRS) published by the International Accounting Standards Board (IASB). It addresses the accounting for financial instruments . It contains three main topics: classification and measurement of financial instruments, impairment of financial assets and hedge accounting .
International Accounting Standard 10 Events after the Reporting Period or IAS 10 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It contains requirements for when events between the end of the reporting period and the date on which the financial statements are authorised for issue ...
IFRS are issued by the International Accounting Standards Board (IASB). IPSASB adapts IFRS to a public sector context when appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure.
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.
The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally. [1] Convergence in some form has been taking place for several decades, [2] and efforts today include projects that aim to reduce the differences between accounting standards.