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1.01 Generally Accepted Accounting Principles – International Financial Reporting Standards GAAP PowerPoint #5

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1.01 Generally Accepted Accounting Principles – International Financial

Reporting Standards

GAAP PowerPoint #5

International Financial Reporting Standards Adopted in 1989 by the International

Accounting Standards Board Composed of principles-based standards,

interpretations, and framework that establish broad rules and treatments of events

Because of numerous companies operating globally, standards that are applicable to all countries need to be developed.

What is the IFRS?

Page 3: GAAP PowerPoint #5. International Financial Reporting Standards Adopted in 1989 by the International Accounting Standards Board Composed of principles-based

States the basic principles for IFRS Currently being updated and converged

with the IASB and FASB Objective is to create a sound foundation for

future accounting standards

Framework of IFRS

Page 4: GAAP PowerPoint #5. International Financial Reporting Standards Adopted in 1989 by the International Accounting Standards Board Composed of principles-based

In February 2010, the SEC voted unanimously to reaffirm its commitment to the goal of a single set of High Quality Global Accounting Standards.

In October 2010, the SEC began working on a plan to combine GAAP and IFRS.

US companies may move to IFRS in approximately 2015 or 2016.

US GAAP becoming IFRS

Page 5: GAAP PowerPoint #5. International Financial Reporting Standards Adopted in 1989 by the International Accounting Standards Board Composed of principles-based

Explain the concept behind the IFRS.

Summarize the projected target date for US implementation of IFRS.

Questions for Understanding/Discussion

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