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What is IFRS?

Author:
Harold Averkamp, CPA, MBA

IFRS is the acronym for International Financial Reporting Standards. IFRS is used throughout the world except in the United States where U.S. GAAP (generally accepted accounting principles) is followed.

There is an urgency for the U.S. to adopt the IFRS because of the growth in global financial markets, global commerce, acquisition of U.S. companies by corporations outside of the U.S., multinational corporations having subsidiaries both inside and outside of the U.S., and so on. Since financial statements report two or three years of amounts, the amounts from earlier years will need to follow IFRS in order to be comparative.

Efforts are also under way for a simplified version of IFRS that would apply for small and medium sized privately held corporations.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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