The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting

1.1 NATURE OF ACCOUNTING LITERATURE AND PERTINENT PRONOUNCEMENTS

International Financial Reporting Standards (IFRSs) contain an all-inclusive general standard, i.e., IFRS 1, First-Time Adoption of International Financial Reporting Standards, concerning a company's migration to IFRSs as a comprehensive basis of accounting. Although regulated by a single standard, transition to IFRSs is a pervasive event that involves all accounting pronouncements, with implications in virtually all strategic, managerial, and operating areas of an organization.

This Book refers to the principal IFRSs, U.S. GAAP, and SEC pronouncements that are applicable to the structuring of the IFRS financial statements, including U.S. GAAP and SEC rules and regulations that have been developing over time for foreign entities reporting in the U.S.

The International Financial Reporting Interpretations Committee (IFRIC) recently changed its name to IFRS Interpretations Committee. Starting from July 1, 2010, the International Accounting Standards Committee Foundation (IASCF) became the IFRS Foundation. The IASB recently renamed its website as IFRS.org. The Accounting Standards Executive Committee (AcSEC) recently became the Financial Reporting Executive Committee (FinREC). This Book maintains the above original names, including for all reference dating before these changes.