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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 ...
In 2009, the Codification superseded the FASB's Statements of Financial Accounting Standards. 168 standards had been issued before the Codification. Concepts Statements , first issued in 1978. They are part of the FASB's conceptual framework project and set forth fundamental objectives and concepts that the FASB use in developing future standards.
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 ...
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.
Accounting standards determine the format for these accounts (SSAP, FRS, IFRS). Financial statements display the income and expenditure for the company and a summary of the assets, liabilities, and shareholders' or owners' equity of the company on the date to which the accounts were prepared.
A major difference between US GAAP and IFRS is the fact that three fundamentally different concepts of capital and capital maintenance are authorized in IFRS while US GAAP only authorize two capital and capital maintenance concepts during low inflation and deflation: (1) physical capital maintenance and (2) financial capital maintenance in ...
The objective of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in conformity with an identified financial reporting framework, such as the Generally Accepted Accounting Principles (GAAP) which is the accounting standard adopted by the U ...
The Effects of Computer Processing on the Audit of Financial Statements full-text: July 1984 49: Letters for Underwriters full-text: September 1984 50: Reports on the Application of Accounting Principles full-text: July 1986 51: Reporting on Financial Statements Prepared for Use in Other Countries full-text: July 1986 52