International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS). An AICPA Backgrounder 1. Table of Contents Get Ready for 2. Worldwide 2. SEC Leadership in International 3. The SEC Work 4. FASB and IASB Convergence 5. AICPA 7. Two Sides of the 7. Differences Remain Between GAAP and 8. What CPAs Need To 8. 10. Organizations 12. 1. Get Ready for IFRS that could be used by developing and smaller nations unable to establish their own The growing acceptance of International accounting Standards . But as the business Financial Reporting Standards (IFRS) as a world became more global, regulators, basis for Financial Reporting represents a investors, large companies and auditing firms fundamental change for the accounting began to realize the importance of having profession. The number of countries that common Standards in all areas of the Financial require or allow the use of IFRS for the Reporting chain.

Japan is to be made around 2012. Hong Kong has adopted national standards that are equivalent to IFRS and China is converging its accounting standards with IFRS. Other countries have plans to adopt IFRS or converge their national standards with IFRS. In addition to the support received from certain U.S.-based entities, financial

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  Financial, Hong, Kong, Entities, Hong kong

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