International Accounting Standards
International Financial Reporting Standards (IFRS), often known by the older name of International Accounting Standards (IAS) are a set of accounting standards. They are issued by the International Accounting Standards Board (IASB). The standards that form IFRS are known as either International Accounting Standards (IASs) or International Financial Reporting Standards (IFRSs) depending on when they were published.
IFRS is used in many countries in the world, including Hong Kong, Russia and the People's Republic of China, and is also used in certain European countries. It was given a boost in 2002, when the European Commission issued a regulation that all listed companies in Europe must adopt IFRS by 2005.
IFRSs are considered a "principles-based" set of standards, in that they establish broad rules rather than dictating specific treatments. As of 2002 a number of IFRSs offer the preparer choices of treatments; the IASB's Improvements Project is seeking to reduce these choices.
International accounting standards currently in use are as follows:
