Article Index

What is IFRS?


International Financial Reporting Standards (IFRSs) are Standards and Interpretations adopted by the International Accounting Standards Board (IASB), which aims to harmonize accounting rules around the world.


What is International Accounting Standards Board (IASB)?


 The IASB is an independent accounting standard-setting body, based in London. It consists of 14 members representing different countries. For the publication of a standard, initial draft, or standard interpretation it is necessary that at least 8 IASB members from 14  vote for.


What is the structure of  IASC  foundation?


IASC Foundation Trustees


Standards Advisory Council (SAC)


IASB  (International Accounting Standards Board)


International Financial Reporting Interpretations Committee (IFRIC)

The Foundation is funded by the investments of large auditing, accounting firms,  private financial institutions, banks, industrial companies, other international and professional organizations.


How widespread is the adoption of IFRS around the world?


 Approximately 120 nations permit or require IFRS for domestic listed companies, although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB. Still other countries have plans to converge their national standards with IFRS. By European Union regulations all European listed companies since January 1,  2005 should prepare their consolidated financial statements in accordance with IAS.


What is the International Accounting Standards Committee (IASC)?


IASC was founded in 1973.  In the past, international accounting standards (IAS) were issued by the Board of the International Accounting Standards Committee (IASC).
 Since 2001, the new set of standards has been known as the international financial reporting standards (IFRS) and has been issued by the International Accounting Standards Board (IASB).

What is IFAC?

International Federation of Accountants (IFAC) is the global organization for the accountancy profession. The headquarter is in New York.

IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe. IFAC establishes (issues) international standards on ethics, auditing and assurance, accounting education, and public sector accounting.