Chapter 6 – Accounting Standards

Jun 2nd, 2015
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• IFRS (International Financial Reporting Standards) - Adopted by the International Accounting Standards Board (IASB) - Evolved from the International Accounting Standards (IAS) which were issued between 1973 and 2001 by the boards of the International Accounting Standards Committee (IASC) - In April 2001, IASB improved on IAS and renamed it IFRS

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Chapter 6 Accounting StandardsEvery country has its own set of industry approved accounting and reporting standardsWith globalization it became necessary to agree on commonly accepted standards in order to bring uniformity in reporting so that analysis can be true and fairThe three main ones are IFRS, US GAAP and Indian GAAPIFRS (International Financial Reporting Standards)- Adopted by the International Accounting Standards Board (IASB)- Evolved from the International Accounting Standards (IAS) which were issued between 1973 and 2001 by the boards of the International Accounting Standards Committee (IASC)- In April 2001, IASB improved on IAS and renamed it IFRSUS GAAP (US Generally Accepted Accounting Principles)- Generally accepted, not written in law- Mandatory for publicly traded companies as per US Securities and Exchange Commission (SEC)- Given by Financial Accounting Standards Board (FASB) which is the highest authority in the US for accounting principlesIndian GAAP- The Institute of Chartered Accountants of India (ICAI) is a member of International Federation of Accountants (IFAC)- It is expected to promote the IASB standards, while at the same t

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