How many ifrs issued so far

IFRS 5. IFRS 6. IFRS 7. IFRS 8. IFRS 9. IFRS IAS 1. IAS 2. IAS 7. IAS 8. IAS IFRIC 1. IFRIC 2. IFRIC 3. IFRIC 4. IFRIC 5. More convergence will make adoption easier and less costly and may even make adoption of IFRS unnecessary.

Supporters of adoption, however, believe that convergence alone will never eliminate all of the differences between the two sets of standards.

The key players are the Securities and Exchange Commission, which is responsible for the supervision and regulation of the securities industry and has oversight responsibility for the FASB; the Financial Accounting Standards Board, an independent body that establishes and interprets U. Back to Top Have any major U. Until the Securities and Exchange Commission issues a rule allowing or requiring U.

Several large multinational corporations, however, have started using IFRS for their foreign subsidiaries where allowed by local law. Also, some U. IFRS also contains limited industry-specific guidance. Yet significant differences do remain, most any one of which can result in significantly different reported results, depending on a company's industry and individual facts and circumstances.

GAAP, making write-downs more likely. GAAP generally requires development costs to be expensed as incurred, except for costs related to the development of computer software, for which capitalization is required once certain criteria are met. Conversion to IFRS is much more than an accounting exercise.

It will affect many aspects of a U. As IFRS grows in acceptance, most CPAs, financial statement preparers and auditors will have to become knowledgeable about the international standards. Others, such as actuaries and valuation experts who are engaged by management to assist in measuring certain assets and liabilities, are not currently taught IFRS and will have to undertake comprehensive training. Professional associations and industry groups have begun to integrate IFRS into their training materials, publications, testing, and certification programs, and many colleges and universities are including IFRS in their curricula.

Some textbooks are already covering IFRS, primarily in a comparative presentation to their instructions on U. The financial statements would sometimes also include a statement of the financial position of an earlier period in the following scenarios:.

The standards are listed below:. Products IT. About us Help Center. Log In Sign Up. Upload your Form