IFRS is a set of established accounting standards that is rapidly gaining worldwide acceptance
Standards promulgated by the London-based International Accounting Standards Board (IASB)
14 members from major countries, including U.S.
Alongside IASB there is an International Financial Reporting Interpretation Committee (IFRIC) responsible to develop interpretations of IFRS
Generally more focused on objectives and principles and less reliant on detailed rules and interpretations than US GAAP
A single volume of approximately 40 standards and 25 interpretations
IASB develops IFRSs with reference to its Framework for the Preparation and Presentation of Financial Statements
Greater use of fair value as a measurement basis
Standards that necessitate the assessment of the substance of transactions and whether the accounting presentation reflects “economic reality”
