International Financial Reporting Standards (IFRS) are international accounting standards and interpretations adopted by the International Accounting Standards Board (IASB) that are increasingly adhered to by countries worldwide. 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).
Why are countries converting to IFRS, and when are they scheduled to formally convert? Which organizations are responsible for developing and issuing new IFRS pronouncements? This booklet will answer these and other IFRS related questions to provide guidance regarding the conversion to IFRS.