Financial Accounting – 2A

International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB). Nearly 100 countries use or coordinate with IFRS. These countries or groups of countries include the European Union, Australia, and South Africa. While some countries require all companies to adhere to IFRS, others merely allow it or try to coordinate their own country’s standards to be similar. The purpose of this book is to set out the principles and conceptual issues of IFRS. IFRS signifies a new era of financial reporting that will eventually touch thousands of companies across the globe. The broader a company’s international activities, the greater the effect of IFRS.