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International Financial Reporting Standards
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Accountancy

Key concepts
Accountant · Bookkeeping · Trial balance · General ledger · Debits and credits · Cost of goods sold · Double-entry system · Standard practices · Cash and accrual basis · GAAP / IFRS
Financial statements
Balance sheet · Income statement · Cash flow statement · Equity · Retained earnings
Auditing
Financial audit · GAAS · Internal audit · Sarbanes-Oxley Act · Big Four auditors
Fields of accounting
Cost · Financial · Forensic · Fund · Management · Tax
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International Financial Reporting Standards (IFRS) are Standards,[1] Interpretations and the Framework[2][3] adopted by the International Accounting Standards Board (IASB).
Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS.
Contents[hide]
1 Structure of IFRS
2 Framework
3 Role of Framework
3.1 Objective of financial statements
3.2 Underlying assumptions
3.3 Qualitative characteristics of financial statements
3.4 Elements of financial statements
3.5 Recognition of elements of financial statements
3.6 Measurement of the Elements of Financial Statements
3.7 Concepts of Capital and Capital Maintenance
3.8 Concepts of Capital
3.8.1 Concepts of Capital Maintenance and the Determination of Profit
4 Requirements of IFRS
5 IASB current projects
6 Adoption of IFRS
6.1 Australia
6.2 Canada
6.3 European Union
6.4 Russia
6.5 Turkey
6.6 Hong Kong
6.7 Singapore
6.8 United States and convergence with US GAAP
6.9 India
6.10 Japan
7 List of IFRS statements with full text links
8 List of Interpretations with full text links
9 Further reading
10 See also
11 References
12 External links