International Financial Reporting Standards - IFRS

International Financial Reporting Standards (IFRS) are principles-based Standards, Interpretations and the Framework (1989)adopted by the International Accounting Standards Board (IASB).

Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS.

In October 2010, the IASB and the US-based Financial Accounting Standards Board (FASB) each published a document requesting views from stakeholders about the time and effort that will be involved in adopting several new standards and when those standards should be effective. In view of the limited numbers of responses received from users and, for the FASB, private entities, the boards directed the staff to undertake further outreach activities from these groups. (IFRS.org)
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