International Financial Reporting Standards (IFRS) are the principles-based financial reporting requirements adhered to by more and more countries worldwide, which conversion to these standards well underway in many nations, including Canada and Japan. There is now little doubt that IFRS is coming to the United States.
IFRS are international accounting standards and interpretations adopted by the International Accounting Standards Board (IASB). IFRS reflects a predominantly principles-based approach to developing accounting standards, rather than the predominantly rules-based approach commonly noted in other generally accepted accounting principles (GAAP). Regulatory agencies and investors in different countries increasingly have sought out a consistent worldwide standard for financial reporting due to the continued globalization of capital markets, cross-boarder investing, capital flows and the need to assess the financial health and condition of organizations under one dependable and understandable approach.
Protiviti has published a Guide to International Financial Reporting Standards to assist organizations with this pending transition and provide answers and guidance to some of the many questions about the conversion to IFRS. We have used the “frequently asked questions” format, which has been well received in our previous publications. Our IFRS guide includes an overview of the standards and the many conversion-related challenges that must be addressed; a specific look at IFRS in the United States; and reviews of IFRS in Canada and Japan, where the adoption of IFRS is well underway.
Download the Guide:
( 62 pages, 1.7 MB)