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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 Discontinued Operations ...
This for example occurred with the adoption of the revised standard IAS 19 (as of 1 January 2013) or when the new consolidation standards IFRS 10-11-12 were adopted (as of 1 January 2013 or 2014 for companies in the European Union). [36]
Segment reporting: a new standard, IFRS 8 Segment Reporting, was issued in 2006. Fair value option: US GAAP was amended to include the fair value option in 2007. Joint ventures: IFRS 11 Joint Arrangements was issued in 2011. Income tax: A joint exposure draft was published in 2009. [13]
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 IASC Foundation changed its name to IFRS Foundation on 1 July 2010. During the first twenty years of activity, the IASB was the IFRS Foundation's dominant standard-setting body. In 2021, the IFRS Foundation created a second standard-setting board, the International Sustainability Standards Board.
The board typically met three to four times a year for two or three days in locations around the world. It was served by a permanent secretariat based in London. The technical agenda of the board was prepared by working groups known as steering committees, each appointed to develop proposals for a new or modified standard on a specific topic.
However, standards under IFRS differ considerably from U.S. GAAP, so progress was slow and uncertain. [18] [19] More recently, the SEC has acknowledged that there is no longer a push to move more U.S companies to IFRS, so the two sets of standards will "continue to coexist" for the foreseeable future. [20]
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.