Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards

Chapter 1INTRODUCTION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

1. INTRODUCTION
2. ORIGINS AND EARLY HISTORY OF THE IASB
3. THE CURRENT STRUCTURE
4. PROCESS OF IFRS STANDARD SETTING
5. CONVERGENCE: THE IASB AND FINANCIAL REPORTING IN THE US
6. THE IASB AND EUROPE
7. IFRS FOR SMEs
8. APPENDIX A: CURRENT INTERNATIONAL FINANCIAL REPORTING STANDARDS (IAS/IFRS) AND INTERPRETATIONS (SIC/IFRIC)
9. APPENDIX B: PROJECTS COMPLETED THE PREVIOUS YEAR (OCTOBER 2012 TO SEPTEMBER 2013)
10. APPENDIX C: IFRS FOR SMEs

INTRODUCTION

The stated goal of the IFRS Foundation and the International Accounting Standards Board (IASB) is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.

There were once scores of unique sets of financial reporting standards among the more developed nations (“national GAAP”). The year 2005 marked the beginning of a new era in global conduct of business, and the fulfillment of a thirty-year effort to create the financial reporting rules for a worldwide capital market. For during that year's financial reporting cycle, the 27 European Union (EU) member states, plus many others in countries such as Australia, New Zealand, Russia, and South Africa adopted International Financial Reporting Standards (IFRS).

Since then, many countries, such as Argentina, Brazil, Korea, Canada, Mexico, and Russia have adopted IFRS. China has substantially converted their national standards ...