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Accounting: International standards

Use this guide to find information on financial accounting.

International Financial Reporting System

The International Financial Reporting System, or IFRS, is a set of global accounting standards used by over 125 jurisdictions worldwide. The standards are developed under the authority of the International Accounting Standards Board.  You can read about the composition of the Board and get detailed information on the activities of the IASB by visiting the IFRS website.

Want to view the actual standards?  Search for how a particular topic is handled in the international standards?  The IFRS is available through Accounting Research Manager.  Once you've connected to Accounting Research Manager, click on "IASB" in the Accounting Standards section near the top of the page.  For more information on using Accounting Research Manager, see the "Accounting Research Manager" tab in this guide.

Go to Accounting Research Manager now.

Convergence of GAAP and IFRS

The Financial Accounting Standards Board (FASB) is responsible for the U.S. GAAP (generally accepted accounting principles), while the International Accounting Standards Board (IASB) issues the International Financial Reporting Standards (IFRS).  Over the years, there has been discussion of moving GAAP closer to IFRS with the eventual goal of having a single set of standards.  There does not currently appear to be any indication that this is going to happen.  The U.S. Securities and Exchange Commission (SEC) is also involved in the discussion.

See "Key Developments in IFRS in the US" at the PWC website.  (Scroll down to view.)

View PWC's "IFRS and US GAAP: Similarities and Differences."

View other information from PWC on the US GAAP convergence.

Countries Adopting IFRS

Web resources

Deloitte's IAPlus newsfeed

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