Recent Evolutions in IFRS and IAS Updates 1 Credit
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International Financial Reporting Standards (IFRS) were first introduced in 2001 and became a global financial reporting standard the following year when the European Union (EU) announced that IFRS would apply to all EU public companies starting in 2005.
Today, IFRS is required for domestic public companies in 146 of the 195 countries in the world. The largest exception is the United States, where the US Generally Accepted Accounting Principles (GAAP) are the financial reporting standard. The Financial Accounting Standards Board (FASB) is responsible to set and update US GAAP. In 2002, the IAS and the FASB pledged to make their financial standards “fully compatible as soon as is practicable.”
In the ever-evolving world of finance, the IASB periodically updates IFRS. The IASB operates under the oversight of the IFRS Foundation. Recent revisions have encompassed enhancements to accounting policy disclosures, the sharpening of materiality definitions, and refinements in the reporting of liability classifications.
Periodically, the IASB updates issues updates to IFRS. Recent updates included changes to the disclosures of accounting policies, clarification of materiality, and reporting related to the classifications of liabilities.
Whether you navigate the realms of public, governmental, or private practice, this CPE Accounting Session promises insights to enrich your financial reporting journey.
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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
JB
good overview of the current differences versus GAAP, and the possible future alignment of them
FA
Great overview of the differences between the IFRS and US GAAP
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