International Financial Reporting Standards

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Financial reporting.


The internationally recognised system of financial reporting required for all companies quoted on an EU stock exchange from 2005, as well as for many other large companies internationally.

The system operates via individual International Financial Reporting Standards (sometimes also known as International Accounting Standards or IAS) issued by the International Accounting Standards Board (IASB).

The following International Accounting Standards have been withdrawn or superseded:

IAS 3, IAS 4, IAS 5, IAS 6, IAS 9, IAS 11, IAS 13, IAS 14, IAS 15, IAS 17, IAS 18, IAS 22, IAS 25, IAS 30, IAS 31, IAS 35.

IFRS and US GAAP are both very important financial reporting regimes.

Compared with International Financial Reporting Standards (IFRS), US GAAP is generally considered to be a relatively more rules based system, compared with the relatively more principles based approach of the IFRS regime.

However, even IFRS comprises a large number of detailed accounting rules.

Over time, differences between US GAAP and IFRS are being reduced.

See also

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