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Introduction_to_IFRS - Introduction to IFRS Accounting in the international spotlight The movement toward International Financial Reporting

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Introduction to IFRS
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Introduction to IFRS Page 2 Accounting in the international spotlight The movement toward International Financial Reporting Standards (IFRS) represents an exciting development unprecedented in the world of financial accounting. It’s time to see what is going on in the international spotlight!
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Introduction to IFRS Page 3 Let’s take a tour through the world of international accounting! What is the outlook for IFRS adoption? What is the history of international standard setting? Why is it important to learn about IFRS today? How are the international standards set? What is the structure of the international standard setters? Who are the international standard setters? Start What is IFRS? Is IFRS different or better than US GAAP? On your tour, click the globe icon on the bottom right hand corner of relevant slides to return to this home screen. How are the US and international standard setters working together?
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Introduction to IFRS Page 4 What is IFRS? IFRS stands for International Financial Reporting Standards. As indicated within the title, these standards are aimed at a global practice. Ultimately, the goal is to achieve a single set of high-quality, common accounting standards used around the world. These standards are the result of a convergence of international viewpoints. These standards are for publicly accountable entities. Small and medium-sized entities (SMEs) that do not have public accountability may use a simplified version of IFRS known as IFRS for SMEs. IFRS for SMEs has recently been accepted for non-SEC registrants by the AICPA as an acceptable alternative reporting standard to US GAAP; however, it is not yet common practice.
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Introduction to IFRS Page 5 Is IFRS different than US GAAP? There are differences between IFRS and US GAAP but they are more alike than different for most commonly encountered transactions. IFRS is largely grounded in the same principles as US GAAP. The US and international standard setters are currently working on convergence projects to better align the standards and reduce these differences. = ? /
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Introduction to IFRS Page 6 Is IFRS better than US GAAP? It cannot be stated that IFRS is better (or of higher quality) than US GAAP nor that US GAAP is better (or of higher quality) than IFRS. Neither set of standards is perfect. This is evidenced by the convergence efforts where changes are being made to both sets of standards and are not one-sided. Some could say that the international standard setters have had the following advantages in their standard setting: Being able to obtain a greater amount of global perspective. Being able to draw upon the latest standards. Being able to remedy perceived problems identified in practice.
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This note was uploaded on 09/30/2010 for the course ACCT 3311 taught by Professor Gregsommers during the Spring '10 term at Southern Methodist.

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Introduction_to_IFRS - Introduction to IFRS Accounting in the international spotlight The movement toward International Financial Reporting

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