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<span>Qualitative characteristics of financial information</span> </div> </a> <ul id="toc-Qualitative_characteristics_of_financial_information-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Elements_of_financial_statements" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Elements_of_financial_statements"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Elements of financial statements</span> </div> </a> <ul id="toc-Elements_of_financial_statements-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Recognition_of_elements_of_financial_statements" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Recognition_of_elements_of_financial_statements"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4</span> <span>Recognition of elements of financial statements</span> </div> </a> <ul id="toc-Recognition_of_elements_of_financial_statements-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Concepts_of_capital_and_capital_maintenance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Concepts_of_capital_and_capital_maintenance"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.5</span> <span>Concepts of capital and capital maintenance</span> </div> </a> <ul id="toc-Concepts_of_capital_and_capital_maintenance-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Requirements" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Requirements"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Requirements</span> </div> </a> <button aria-controls="toc-Requirements-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Requirements subsection</span> </button> <ul id="toc-Requirements-sublist" class="vector-toc-list"> <li id="toc-Presentation_of_financial_statements" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Presentation_of_financial_statements"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Presentation of financial statements</span> </div> </a> <ul id="toc-Presentation_of_financial_statements-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-General_features" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#General_features"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>General features</span> </div> </a> <ul id="toc-General_features-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Cash_flow_statements" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Cash_flow_statements"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Cash flow statements</span> </div> </a> <ul id="toc-Cash_flow_statements-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Criticisms" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criticisms"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Criticisms</span> </div> </a> <ul id="toc-Criticisms-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economic_effects" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Economic_effects"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Economic effects</span> </div> </a> <ul id="toc-Economic_effects-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">International Financial Reporting Standards</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 42 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-42" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">42 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Internasionale_Finansi%C3%ABle_Verslagdoeningstandaarde_(IFRS)" title="Internasionale Finansiële Verslagdoeningstandaarde (IFRS) – Afrikaans" lang="af" hreflang="af" data-title="Internasionale Finansiële Verslagdoeningstandaarde (IFRS)" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D9%85%D8%B9%D8%A7%D9%8A%D9%8A%D8%B1_%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9_%D9%84%D8%A5%D8%B9%D8%AF%D8%A7%D8%AF_%D8%A7%D9%84%D8%AA%D9%82%D8%A7%D8%B1%D9%8A%D8%B1_%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9" title="المعايير الدولية لإعداد التقارير المالية – Arabic" lang="ar" hreflang="ar" data-title="المعايير الدولية لإعداد التقارير المالية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Beyn%C9%99lxalq_Maliyy%C9%99_Hesabat%C4%B1_Standartlar%C4%B1" title="Beynəlxalq Maliyyə Hesabatı Standartları – Azerbaijani" lang="az" hreflang="az" data-title="Beynəlxalq Maliyyə Hesabatı Standartları" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Kok-ch%C3%A8_Ch%C3%A2i-b%C5%AB_P%C3%B2-t%C5%8D_Ch%C3%BAn-chek" title="Kok-chè Châi-bū Pò-tō Chún-chek – Minnan" lang="nan" hreflang="nan" data-title="Kok-chè Châi-bū Pò-tō Chún-chek" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%9C%D1%96%D0%B6%D0%BD%D0%B0%D1%80%D0%BE%D0%B4%D0%BD%D1%8B%D1%8F_%D1%81%D1%82%D0%B0%D0%BD%D0%B4%D0%B0%D1%80%D1%82%D1%8B_%D1%84%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D0%B0%D0%B2%D0%B0%D0%B9_%D1%81%D0%BF%D1%80%D0%B0%D0%B2%D0%B0%D0%B7%D0%B4%D0%B0%D1%87%D0%BD%D0%B0%D1%81%D1%8C%D1%86%D1%96" title="Міжнародныя стандарты фінансавай справаздачнасьці – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Міжнародныя стандарты фінансавай справаздачнасьці" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9C%D0%B5%D0%B6%D0%B4%D1%83%D0%BD%D0%B0%D1%80%D0%BE%D0%B4%D0%BD%D0%B8_%D1%81%D1%82%D0%B0%D0%BD%D0%B4%D0%B0%D1%80%D1%82%D0%B8_%D0%B7%D0%B0_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D0%B8_%D0%BE%D1%82%D1%87%D0%B5%D1%82%D0%B8" title="Международни стандарти за финансови отчети – Bulgarian" lang="bg" hreflang="bg" data-title="Международни стандарти за финансови отчети" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Mezin%C3%A1rodn%C3%AD_standardy_%C3%BA%C4%8Detn%C3%ADho_v%C3%BDkaznictv%C3%AD" title="Mezinárodní standardy účetního výkaznictví – Czech" lang="cs" hreflang="cs" data-title="Mezinárodní standardy účetního výkaznictví" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards – Danish" lang="da" hreflang="da" data-title="International Financial Reporting Standards" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards – German" lang="de" hreflang="de" data-title="International Financial Reporting Standards" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%94%CE%B9%CE%B5%CE%B8%CE%BD%CE%AE_%CE%A0%CF%81%CF%8C%CF%84%CF%85%CF%80%CE%B1_%CE%A7%CF%81%CE%B7%CE%BC%CE%B1%CF%84%CE%BF%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AE%CF%82_%CE%91%CE%BD%CE%B1%CF%86%CE%BF%CF%81%CE%AC%CF%82" title="Διεθνή Πρότυπα Χρηματοοικονομικής Αναφοράς – Greek" lang="el" hreflang="el" data-title="Διεθνή Πρότυπα Χρηματοοικονομικής Αναφοράς" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Normas_Internacionales_de_Informaci%C3%B3n_Financiera" title="Normas Internacionales de Información Financiera – Spanish" lang="es" hreflang="es" data-title="Normas Internacionales de Información Financiera" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Internaciaj_Normoj_pri_Financa_Raportado_(IFRS/IAS)" title="Internaciaj Normoj pri Financa Raportado (IFRS/IAS) – Esperanto" lang="eo" hreflang="eo" data-title="Internaciaj Normoj pri Financa Raportado (IFRS/IAS)" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D8%B3%D8%AA%D8%A7%D9%86%D8%AF%D8%A7%D8%B1%D8%AF%D9%87%D8%A7%DB%8C_%DA%AF%D8%B2%D8%A7%D8%B1%D8%B4%DA%AF%D8%B1%DB%8C_%D9%85%D8%A7%D9%84%DB%8C_%D8%A8%DB%8C%D9%86%E2%80%8C%D8%A7%D9%84%D9%85%D9%84%D9%84%DB%8C" title="استانداردهای گزارشگری مالی بین‌المللی – Persian" lang="fa" hreflang="fa" data-title="استانداردهای گزارشگری مالی بین‌المللی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards – French" lang="fr" hreflang="fr" data-title="International Financial Reporting Standards" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B5%AD%EC%A0%9C%ED%9A%8C%EA%B3%84%EA%B8%B0%EC%A4%80" title="국제회계기준 – Korean" lang="ko" hreflang="ko" data-title="국제회계기준" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%85%E0%A4%82%E0%A4%A4%E0%A4%B0%E0%A5%8D%E0%A4%B0%E0%A4%BE%E0%A4%B7%E0%A5%8D%E0%A4%9F%E0%A5%8D%E0%A4%B0%E0%A5%80%E0%A4%AF_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A5%80%E0%A4%AF_%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%A4%E0%A4%BF%E0%A4%B5%E0%A5%87%E0%A4%A6%E0%A4%A8_%E0%A4%AE%E0%A4%BE%E0%A4%A8%E0%A4%95" title="अंतर्राष्ट्रीय वित्तीय प्रतिवेदन मानक – Hindi" lang="hi" hreflang="hi" data-title="अंतर्राष्ट्रीय वित्तीय प्रतिवेदन मानक" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Standar_Pelaporan_Keuangan_Internasional" title="Standar Pelaporan Keuangan Internasional – Indonesian" lang="id" hreflang="id" data-title="Standar Pelaporan Keuangan Internasional" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/International_Accounting_Standards" title="International Accounting Standards – Italian" lang="it" hreflang="it" data-title="International Accounting Standards" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%AA%D7%A7%D7%9F_%D7%93%D7%99%D7%95%D7%95%D7%97_%D7%9B%D7%A1%D7%A4%D7%99_%D7%91%D7%99%D7%9F-%D7%9C%D7%90%D7%95%D7%9E%D7%99" title="תקן דיווח כספי בין-לאומי – Hebrew" lang="he" hreflang="he" data-title="תקן דיווח כספי בין-לאומי" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards – Georgian" lang="ka" hreflang="ka" data-title="International Financial Reporting Standards" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Starptautiskie_gr%C4%81matved%C4%ABbas_standarti" title="Starptautiskie grāmatvedības standarti – Latvian" lang="lv" hreflang="lv" data-title="Starptautiskie grāmatvedības standarti" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards – Hungarian" lang="hu" hreflang="hu" data-title="International Financial Reporting Standards" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mai mw-list-item"><a href="https://mai.wikipedia.org/wiki/%E0%A4%A8%E0%A5%87%E0%A4%AA%E0%A4%BE%E0%A4%B2_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A5%80%E0%A4%AF_%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%A4%E0%A4%BF%E0%A4%B5%E0%A5%87%E0%A4%A6%E0%A4%A8_%E0%A4%AE%E0%A4%BE%E0%A4%A8%E0%A4%B8%E0%A4%AD" title="नेपाल वित्तीय प्रतिवेदन मानसभ – Maithili" lang="mai" hreflang="mai" data-title="नेपाल वित्तीय प्रतिवेदन मानसभ" data-language-autonym="मैथिली" data-language-local-name="Maithili" class="interlanguage-link-target"><span>मैथिली</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%9C%D0%B5%D1%93%D1%83%D0%BD%D0%B0%D1%80%D0%BE%D0%B4%D0%BD%D0%B8_%D1%81%D1%82%D0%B0%D0%BD%D0%B4%D0%B0%D1%80%D0%B4%D0%B8_%D0%B7%D0%B0_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8%D1%81%D0%BA%D0%BE_%D0%B8%D0%B7%D0%B2%D0%B5%D1%81%D1%82%D1%83%D0%B2%D0%B0%D1%9A%D0%B5" title="Меѓународни стандарди за финансиско известување – Macedonian" lang="mk" hreflang="mk" data-title="Меѓународни стандарди за финансиско известување" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Piawaian_Laporan_Kewangan_Antarabangsa" title="Piawaian Laporan Kewangan Antarabangsa – Malay" lang="ms" hreflang="ms" data-title="Piawaian Laporan Kewangan Antarabangsa" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards – Dutch" lang="nl" hreflang="nl" data-title="International Financial Reporting Standards" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%A8%E0%A5%87%E0%A4%AA%E0%A4%BE%E0%A4%B2_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A5%80%E0%A4%AF_%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%A4%E0%A4%BF%E0%A4%B5%E0%A5%87%E0%A4%A6%E0%A4%A8_%E0%A4%AE%E0%A4%BE%E0%A4%A8%E0%A4%B9%E0%A4%B0%E0%A5%82" title="नेपाल वित्तीय प्रतिवेदन मानहरू – Nepali" lang="ne" hreflang="ne" data-title="नेपाल वित्तीय प्रतिवेदन मानहरू" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%9B%BD%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E5%9F%BA%E6%BA%96" title="国際財務報告基準 – Japanese" lang="ja" hreflang="ja" data-title="国際財務報告基準" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/IFRS" title="IFRS – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="IFRS" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Mi%C4%99dzynarodowe_Standardy_Sprawozdawczo%C5%9Bci_Finansowej" title="Międzynarodowe Standardy Sprawozdawczości Finansowej – Polish" lang="pl" hreflang="pl" data-title="Międzynarodowe Standardy Sprawozdawczości Finansowej" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt badge-Q70893996 mw-list-item" title=""><a href="https://pt.wikipedia.org/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards – Portuguese" lang="pt" hreflang="pt" data-title="International Financial Reporting Standards" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Standarde_Interna%C8%9Bionale_de_Raportare_Financiar%C4%83" title="Standarde Internaționale de Raportare Financiară – Romanian" lang="ro" hreflang="ro" data-title="Standarde Internaționale de Raportare Financiară" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9C%D0%B5%D0%B6%D0%B4%D1%83%D0%BD%D0%B0%D1%80%D0%BE%D0%B4%D0%BD%D1%8B%D0%B5_%D1%81%D1%82%D0%B0%D0%BD%D0%B4%D0%B0%D1%80%D1%82%D1%8B_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D0%BE%D0%B9_%D0%BE%D1%82%D1%87%D1%91%D1%82%D0%BD%D0%BE%D1%81%D1%82%D0%B8" title="Международные стандарты финансовой отчётности – Russian" lang="ru" hreflang="ru" data-title="Международные стандарты финансовой отчётности" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Medzin%C3%A1rodn%C3%A9_%C5%A1tandardy_finan%C4%8Dn%C3%A9ho_v%C3%BDkazn%C3%ADctva" title="Medzinárodné štandardy finančného výkazníctva – Slovak" lang="sk" hreflang="sk" data-title="Medzinárodné štandardy finančného výkazníctva" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%9C%D0%B5%D1%92%D1%83%D0%BD%D0%B0%D1%80%D0%BE%D0%B4%D0%BD%D0%B8_%D1%80%D0%B0%D1%87%D1%83%D0%BD%D0%BE%D0%B2%D0%BE%D0%B4%D1%81%D1%82%D0%B2%D0%B5%D0%BD%D0%B8_%D1%81%D1%82%D0%B0%D0%BD%D0%B4%D0%B0%D1%80%D0%B4%D0%B8" title="Међународни рачуноводствени стандарди – Serbian" lang="sr" hreflang="sr" data-title="Међународни рачуноводствени стандарди" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/IFRS" title="IFRS – Finnish" lang="fi" hreflang="fi" data-title="IFRS" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards – Swedish" lang="sv" hreflang="sv" data-title="International Financial Reporting Standards" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a 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data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D8%A8%DB%8C%D9%86_%D8%A7%D9%84%D8%A7%D9%82%D9%88%D8%A7%D9%85%DB%8C_%D9%85%D8%B9%DB%8C%D8%A7%D8%B1_%D8%A8%D8%B1%D8%A7%D8%A6%DB%92_%D8%AD%D8%B3%D8%A7%D8%A8%D8%AF%D8%A7%D8%B1%DB%8C" title="بین الاقوامی معیار برائے حسابداری – Urdu" lang="ur" hreflang="ur" data-title="بین الاقوامی معیار برائے حسابداری" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E5%9B%BD%E9%99%85%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E5%87%86%E5%88%99" title="国际财务报告准则 – Wu" lang="wuu" hreflang="wuu" data-title="国际财务报告准则" data-language-autonym="吴语" data-language-local-name="Wu" 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.accounting .noborder .sidebar-list-title{border-top:none}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks accounting"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Accounting" title="Category:Accounting">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Accounting" title="Accounting">Accounting</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ledger.png" class="mw-file-description" title="Early 19th-century German ledger"><img alt="Early 19th-century German ledger" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Ledger.png/200px-Ledger.png" decoding="async" width="200" height="105" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Ledger.png/300px-Ledger.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Ledger.png/400px-Ledger.png 2x" data-file-width="1706" data-file-height="896" /></a></span></td></tr><tr><td class="sidebar-above"> <div class="hlist"><ul><li><a href="/wiki/Historical_cost" title="Historical cost">Historical cost</a></li><li><a href="/wiki/Constant_purchasing_power_accounting" title="Constant purchasing power accounting">Constant purchasing power</a></li><li><a href="/wiki/Management_accounting" title="Management accounting">Management</a></li><li><a href="/wiki/Tax_accounting_in_the_United_States" title="Tax accounting in the United States">Tax</a></li></ul></div></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed noborder"><div class="sidebar-list-title" style="color: var(--color-base)">Major types</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Audit" title="Audit">Audit</a></li><li><a href="/wiki/Budget" title="Budget">Budget</a></li><li><a href="/wiki/Cost_accounting" title="Cost accounting">Cost</a></li><li><a href="/wiki/Forensic_accounting" title="Forensic accounting">Forensic</a></li><li><a href="/wiki/Financial_accounting" title="Financial accounting">Financial</a></li><li><a href="/wiki/Fund_accounting" title="Fund accounting">Fund</a></li><li><a href="/wiki/Governmental_accounting" title="Governmental accounting">Governmental</a></li><li><a href="/wiki/Management_accounting" title="Management accounting">Management</a></li><li><a href="/wiki/Social_accounting" title="Social accounting">Social</a></li><li><a href="/wiki/Tax_accounting" class="mw-redirect" title="Tax accounting">Tax</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Key concepts</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Accounting_period" title="Accounting period">Accounting period</a></li><li><a href="/wiki/Accrual" title="Accrual">Accrual</a></li><li><a href="/wiki/Constant_purchasing_power_accounting" title="Constant purchasing power accounting">Constant purchasing power</a></li><li><a href="/wiki/Economic_entity" title="Economic entity">Economic entity</a></li><li><a href="/wiki/Fair_value" title="Fair value">Fair value</a></li><li><a href="/wiki/Going_concern" title="Going concern">Going concern</a></li><li><a href="/wiki/Historical_cost" title="Historical cost">Historical cost</a></li><li><a href="/wiki/Matching_principle" title="Matching principle">Matching principle</a></li><li><a href="/wiki/Materiality_(auditing)" title="Materiality (auditing)">Materiality</a></li><li><a href="/wiki/Revenue_recognition" title="Revenue recognition">Revenue recognition</a></li><li><a href="/wiki/Unit_of_account" title="Unit of account">Unit of account</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Selected accounts</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Asset" title="Asset">Assets</a></li><li><a href="/wiki/Cash" title="Cash">Cash</a></li><li><a href="/wiki/Cost_of_goods_sold" title="Cost of goods sold">Cost of goods sold</a></li><li><a href="/wiki/Depreciation" title="Depreciation">Depreciation</a> / <a href="/wiki/Amortization_(business)" class="mw-redirect" title="Amortization (business)">Amortization (business)</a></li><li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity</a></li><li><a href="/wiki/Expense" title="Expense">Expenses</a></li><li><a href="/wiki/Goodwill_(accounting)" title="Goodwill (accounting)">Goodwill</a></li><li><a href="/wiki/Liability_(financial_accounting)" title="Liability (financial accounting)">Liabilities</a></li><li><a href="/wiki/Profit_(accounting)" title="Profit (accounting)">Profit</a></li><li><a href="/wiki/Revenue" title="Revenue">Revenue</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Accounting_standard" title="Accounting standard">Accounting standards</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Generally_accepted_accounting_principles" class="mw-redirect" title="Generally accepted accounting principles">Generally-accepted principles</a></li><li><a href="/wiki/Generally_accepted_auditing_standards" class="mw-redirect" title="Generally accepted auditing standards">Generally-accepted auditing standards</a></li><li><a href="/wiki/Convergence_of_accounting_standards" title="Convergence of accounting standards">Convergence</a></li><li><a class="mw-selflink selflink">International Financial Reporting Standards</a></li><li><a href="/wiki/International_Standards_on_Auditing" title="International Standards on Auditing">International Standards on Auditing</a></li><li><a href="/wiki/Management_Accounting_Principles" class="mw-redirect" title="Management Accounting Principles">Management Accounting Principles</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Financial_statement" title="Financial statement">Financial statements</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Annual_report" title="Annual report">Annual report</a></li><li><a href="/wiki/Balance_sheet" title="Balance sheet">Balance sheet</a></li><li><a href="/wiki/Cash_flow_statement" title="Cash flow statement">Cash-flow</a></li><li><a href="/wiki/Statement_of_changes_in_equity" title="Statement of changes in equity">Equity</a></li><li><a href="/wiki/Income_statement" title="Income statement">Income</a></li><li><a href="/wiki/Management_discussion_and_analysis" class="mw-redirect" title="Management discussion and analysis">Management discussion</a></li><li><a href="/wiki/Notes_to_the_financial_statements" class="mw-redirect" title="Notes to the financial statements">Notes to the financial statements</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Bookkeeping" title="Bookkeeping">Bookkeeping</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Bank_reconciliation" title="Bank reconciliation">Bank reconciliation</a></li><li><a href="/wiki/Debits_and_credits" title="Debits and credits">Debits and credits</a></li><li><a href="/wiki/Double-entry_bookkeeping_system" class="mw-redirect" title="Double-entry bookkeeping system">Double-entry system</a></li><li><a href="/wiki/FIFO_and_LIFO_accounting" title="FIFO and LIFO accounting">FIFO and LIFO</a></li><li><a href="/wiki/General_journal" title="General journal">Journal</a></li><li><a href="/wiki/Ledger" title="Ledger">Ledger</a> / <a href="/wiki/General_ledger" title="General ledger">General ledger</a></li><li><a href="/wiki/Trial_balance" title="Trial balance">Trial balance</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Audit" title="Audit">Auditing</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Financial_audit" title="Financial audit">Financial</a></li><li><a href="/wiki/Internal_audit" title="Internal audit">Internal</a></li><li><a href="/wiki/Accounting_networks_and_associations" class="mw-redirect" title="Accounting networks and associations">Firms</a></li><li><a href="/wiki/Auditor%27s_report" title="Auditor's report">Report</a></li><li><a href="/wiki/Sarbanes%E2%80%93Oxley_Act" title="Sarbanes–Oxley Act">Sarbanes–Oxley Act</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">People and organizations</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Accountant" title="Accountant">Accountants</a></li><li><a href="/wiki/Category:Accounting_organizations" title="Category:Accounting organizations">Accounting organizations</a></li><li><a href="/wiki/Luca_Pacioli" title="Luca Pacioli">Luca Pacioli</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Development</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/History_of_accounting" title="History of accounting">History</a></li><li><a href="/wiki/Accounting_research" title="Accounting research">Research</a></li><li><a href="/wiki/Positive_accounting" title="Positive accounting">Positive accounting</a></li><li><a href="/wiki/Sarbanes%E2%80%93Oxley_Act" title="Sarbanes–Oxley Act">Sarbanes–Oxley Act</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Misconduct</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Creative_accounting" title="Creative accounting">Creative</a></li><li><a href="/wiki/Earnings_management" title="Earnings management">Earnings management</a></li><li><a href="/wiki/Error_account" title="Error account">Error account</a></li><li><a href="/wiki/Hollywood_accounting" title="Hollywood accounting">Hollywood</a></li><li><a href="/wiki/Off-balance-sheet" title="Off-balance-sheet">Off-balance-sheet</a></li><li><a href="/wiki/Two_sets_of_books" title="Two sets of books">Two sets of books</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Accounting" title="Template:Accounting"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Accounting" title="Template talk:Accounting"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Accounting" title="Special:EditPage/Template:Accounting"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>International Financial Reporting Standards</b>, commonly called <b>IFRS</b>, are <a href="/wiki/Accounting_standard" title="Accounting standard">accounting standards</a> issued by the <a href="/wiki/IFRS_Foundation" title="IFRS Foundation">IFRS Foundation</a> and the <a href="/wiki/International_Accounting_Standards_Board" title="International Accounting Standards Board">International Accounting Standards Board</a> (IASB).<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> They constitute a standardised way of describing the company's financial performance and position so that company <a href="/wiki/Financial_statements" class="mw-redirect" title="Financial statements">financial statements</a> are understandable and comparable across international boundaries.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> They are particularly relevant for companies with shares or securities publicly listed. </p><p>IFRS have replaced many different national accounting standards around the world but have not replaced the separate accounting standards in the United States where <a href="/wiki/Generally_Accepted_Accounting_Principles_(United_States)" title="Generally Accepted Accounting Principles (United States)">U.S. GAAP</a> is applied. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/International_Accounting_Standards_Committee" title="International Accounting Standards Committee">International Accounting Standards Committee</a> (IASC) was established in June 1973 by accountancy bodies representing ten countries. It devised and published International Accounting Standards (IAS), interpretations and a conceptual framework. These were looked to by many national accounting standard-setters in developing national standards.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>In 2001, the <a href="/wiki/International_Accounting_Standards_Board" title="International Accounting Standards Board">International Accounting Standards Board</a> (IASB) replaced the IASC with a remit to bring about convergence between national accounting standards through the development of global accounting standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards "International Financial Reporting Standards" (IFRS).<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>In 2002, the <a href="/wiki/European_Union" title="European Union">European Union</a> (EU) agreed that, from 1 January 2005, International Financial Reporting Standards would apply for the consolidated accounts of the EU listed companies, bringing about the introduction of IFRS to many large entities. Other countries have since followed the lead of the EU. </p><p>In 2021, on the occasion of COP26 of the <a href="/wiki/United_Nations_Framework_Convention_on_Climate_Change" title="United Nations Framework Convention on Climate Change">United Nations Framework Convention on Climate Change</a> in Glasgow, the IFRS Foundation announced the formation of the new International Sustainability Standards Board ISSB.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Adoption">Adoption</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=2" title="Edit section: Adoption"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>IFRS Standards are required or permitted in 132 jurisdictions across the world, including major countries and territories such as <a href="/wiki/Australia" title="Australia">Australia</a>, <a href="/wiki/Brazil" title="Brazil">Brazil</a>, <a href="/wiki/Canada" title="Canada">Canada</a>, <a href="/wiki/Chile" title="Chile">Chile</a>, the <a href="/wiki/European_Union" title="European Union">European Union</a>, <a href="/wiki/Cooperation_Council_for_the_Arab_States_of_the_Gulf" class="mw-redirect" title="Cooperation Council for the Arab States of the Gulf">GCC countries</a>, <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>, <a href="/wiki/India" title="India">India</a>, <a href="/wiki/Israel" title="Israel">Israel</a>, <a href="/wiki/Malaysia" title="Malaysia">Malaysia</a>, <a href="/wiki/Pakistan" title="Pakistan">Pakistan</a>, <a href="/wiki/Philippines" title="Philippines">Philippines</a>, <a href="/wiki/Russia" title="Russia">Russia</a>, <a href="/wiki/Singapore" title="Singapore">Singapore</a>, <a href="/wiki/South_Africa" title="South Africa">South Africa</a>, <a href="/wiki/South_Korea" title="South Korea">South Korea</a>, <a href="/wiki/Taiwan" title="Taiwan">Taiwan</a>, and <a href="/wiki/Turkey" title="Turkey">Turkey</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>To assess progress towards the goal of a single set of global accounting standards, the IFRS Foundation has developed and posted profiles about the use of IFRS Standards in individual jurisdictions. These are based on information from various sources. The starting point was the responses provided by standard-setting and other relevant bodies to a survey that the IFRS Foundation conducted. As of August 2019, profiles are completed for 166 jurisdictions, with 166 jurisdictions requiring the use of IFRS Standards.<sup id="cite_ref-Profiles_of_the_IFRS_Foundation_7-0" class="reference"><a href="#cite_note-Profiles_of_the_IFRS_Foundation-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Due to the difficulty of maintaining up-to-date information in individual jurisdictions, three sources of information on current worldwide IFRS adoption are recommended: </p> <ul><li>IFRS Foundation profiles page<sup id="cite_ref-Profiles_of_the_IFRS_Foundation_7-1" class="reference"><a href="#cite_note-Profiles_of_the_IFRS_Foundation-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/The_World_Bank" class="mw-redirect" title="The World Bank">The World Bank</a><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/International_Federation_of_Accountants" title="International Federation of Accountants">International Federation of Accountants</a><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup></li></ul> <p><a href="/wiki/Ray_J._Ball" title="Ray J. Ball">Ray J. Ball</a> described the expectation by the European Union and others that IFRS adoption worldwide would be beneficial to investors and other users of financial statements, by reducing the costs of comparing investment opportunities and increasing the quality of information.<sup id="cite_ref-Ball2006_10-0" class="reference"><a href="#cite_note-Ball2006-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Companies are also expected to benefit, as investors will be more willing to provide financing. Companies that have high levels of international activities are among the group that would benefit from a switch to IFRS Standards. Companies that are involved in foreign activities and investing benefit from the switch due to the increased comparability of a set accounting standard.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> However, Ray J. Ball has expressed some scepticism of the overall cost of the international standard; he argues that the enforcement of the standards could be lax, and the regional differences in accounting could become obscured behind a label. He also expressed concerns about the fair value emphasis of IFRS and the influence of accountants from non-<a href="/wiki/Common-law" class="mw-redirect" title="Common-law">common-law</a> regions, where losses have been recognised in a less timely manner.<sup id="cite_ref-Ball2006_10-1" class="reference"><a href="#cite_note-Ball2006-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="US_Generally_Accepted_Accounting_Principles">US Generally Accepted Accounting Principles</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=3" title="Edit section: US Generally Accepted Accounting Principles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Generally_Accepted_Accounting_Principles_(United_States)" title="Generally Accepted Accounting Principles (United States)">US Generally Accepted Accounting Principles</a>, commonly called US GAAP, remains separate from IFRS. The <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">Securities Exchange Committee (SEC)</a> requires the use of US GAAP by domestic companies with listed securities and does not permit them to use IFRS; US GAAP is also used by some companies in Japan and the rest of the world. </p><p>In 2002 IASB and the <a href="/wiki/Financial_Accounting_Standards_Board" title="Financial Accounting Standards Board">Financial Accounting Standards Board</a> (FASB), the body supporting US GAAP, announced a programme known as the <a href="/wiki/Norwalk_Agreement" title="Norwalk Agreement">Norwalk Agreement</a> that aimed at eliminating differences between IFRS and US GAAP.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> In 2012 the SEC announced that it expected separate US GAAP to continue for the foreseeable future but sought to encourage further work to align the two standards.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>IFRS is sometimes described as principles-based, as opposed to a rules-based approach in US GAAP; so in US GAAP there is more instruction in the application of standards to specific examples and industries.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Conceptual_Framework_for_Financial_Reporting">Conceptual Framework for Financial Reporting</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=4" title="Edit section: Conceptual Framework for Financial Reporting"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Conceptual Framework serves as a tool for the IASB to develop standards. It does not override the requirements of individual IFRSs. Some companies may use the Framework as a reference for selecting their accounting policies in the absence of specific IFRS requirements.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Objective_of_financial_statements">Objective of financial statements</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=5" title="Edit section: Objective of financial statements"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Conceptual Framework states that the primary purpose of financial information is to be useful to existing and potential investors, lenders and other creditors when making decisions about the financing of the entity and exercising rights to vote on, or otherwise influence, management's actions that affect the use of the entity's economic resources.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>Users base their expectations of returns on their assessment of: </p> <ul><li>The amount, timing and uncertainty of future net cash inflows to the entity;</li> <li>Management's stewardship of the entity's resources.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Qualitative_characteristics_of_financial_information">Qualitative characteristics of financial information</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=6" title="Edit section: Qualitative characteristics of financial information"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Conceptual Framework for Financial Reporting defines the fundamental qualitative characteristics of financial information to be:<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Relevance; and</li> <li>Faithful representation</li></ul> <p>The Framework also describes the following enhancing qualitative characteristics: </p> <ul><li>Comparability</li> <li>Verifiability</li> <li>Timeliness</li> <li>Understandability</li></ul> <div class="mw-heading mw-heading3"><h3 id="Elements_of_financial_statements">Elements of financial statements</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=7" title="Edit section: Elements of financial statements"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Conceptual Framework defines the elements of financial statements to be:<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <ul><li><b><a href="/wiki/Asset" title="Asset">Asset</a></b>: A present economic resource controlled by the entity as a result of past events which are expected to generate future economic benefits.</li> <li><b><a href="/wiki/Liability_(financial_accounting)" title="Liability (financial accounting)">Liability</a></b>: A present obligation of the entity to transfer an economic resource as a result of past events.</li> <li><b><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity</a></b>: The residual interest in the assets of the entity after deducting all its liabilities.</li> <li><b><a href="/wiki/Income" title="Income">Income</a></b>: increases in economic benefit during an accounting period in the form of inflows or enhancements of assets, or decrease of liabilities that result in increases in equity. However, it does not include the contributions made by the equity participants (for example owners, partners or shareholders).</li> <li><b><a href="/wiki/Expense" title="Expense">Expenses</a></b>: decreases in assets, or increases in liabilities, that result in decreases in equity. However, these do not include the distributions made to the equity participants.</li> <li><b>Other changes in economic resources and claims</b>: Contributions from holders of equity and distributions to them.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Recognition_of_elements_of_financial_statements">Recognition of elements of financial statements</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=8" title="Edit section: Recognition of elements of financial statements"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An item is recognized in the financial statements when:<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <ul><li>it is probable that future economic benefit will flow to or from an entity.</li> <li>the resource can be reliably measured</li></ul> <p>In some cases specific standards add additional conditions before recognition is possible or prohibit recognition altogether. </p><p>An example is the recognition of internally generated brands, <a href="/wiki/Nameplate_(publishing)" title="Nameplate (publishing)">mastheads</a>, publishing titles, customer lists and items similar in substance, for which recognition is prohibited by IAS 38.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> In addition research and development expenses can only be recognised as an intangible asset if they cross the threshold of being classified as 'development cost'.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>Whilst the standard on provisions, IAS 37, prohibits the recognition of a provision for contingent liabilities,<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> this prohibition is not applicable to the accounting for contingent liabilities in a business combination. In that case the acquirer shall recognise a contingent liability even if it is not probable that an outflow of resources embodying economic benefits will be required.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Concepts_of_capital_and_capital_maintenance">Concepts of capital and capital maintenance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=9" title="Edit section: Concepts of capital and capital maintenance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Concepts of capital maintenance are important as only income earned in excess of amounts needed to maintain capital may be regarded as profit. The Conceptual Framework describes the following concepts of capital maintenance:<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Financial capital maintenance. Under this concept a profit is earned only if the financial amount of the net assets at the end of the period exceeds the financial (or money) amount of net assets at the beginning of the period, after excluding any distributions to, and contributions from owners during the period. Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power;</li> <li>Physical capital maintenance. Under this concept a profit is earned only if the physical productive capacity (or operating capacity) of the entity (or the resources or funds needed to achieve that capacity) at the end of the period exceeds the physical productive capacity at the beginning of period, after excluding any distributions to, and contributions from owners during the period.</li></ul> <p>Most entities adopt a financial concept of capital maintenance. However, the Conceptual Framework does not prescribe any model of capital maintenance. </p> <div class="mw-heading mw-heading2"><h2 id="Requirements">Requirements</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=10" title="Edit section: Requirements"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Requirements_of_IFRS" class="mw-redirect" title="Requirements of IFRS">Requirements of IFRS</a></div> <div class="mw-heading mw-heading3"><h3 id="Presentation_of_financial_statements">Presentation of financial statements</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=11" title="Edit section: Presentation of financial statements"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>IFRS financial statements consist of:<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <ul><li>a <a href="/wiki/Statement_of_financial_position" class="mw-redirect" title="Statement of financial position">statement of financial position</a> (balance sheet)</li> <li>a <a href="/wiki/Statement_of_comprehensive_income" class="mw-redirect" title="Statement of comprehensive income">statement of comprehensive income</a>. This may be presented as a single statement or with a separate <a href="/wiki/Income_statement" title="Income statement">statement of profit and loss</a> and a statement of other comprehensive income</li> <li>a <a href="/wiki/Statement_of_changes_in_equity" title="Statement of changes in equity">statement of changes in equity</a></li> <li>a <a href="/wiki/Statement_of_cash_flows" class="mw-redirect" title="Statement of cash flows">statement of cash flows</a></li> <li>notes, including a summary of the significant accounting policies.</li></ul> <p>Comparative information is required for the prior reporting period. </p> <div class="mw-heading mw-heading3"><h3 id="General_features">General features</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=12" title="Edit section: General features"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The following are the general features in IFRS: </p> <ul><li>Fair presentation and compliance with IFRS: Fair presentation requires the faithful representation of the effects of the transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the Framework of IFRS.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Going_concern" title="Going concern">Going concern</a>: Financial statements are present on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Accrual_method" class="mw-redirect" title="Accrual method">Accrual basis of accounting</a>: An entity shall recognise items as assets, liabilities, equity, income and expenses when they satisfy the definition and recognition criteria for those elements in the Framework of IFRS.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Materiality_(auditing)" title="Materiality (auditing)">Materiality</a> and aggregation: Every material class of similar items has to be presented separately. Items that are of a dissimilar nature or function shall be presented separately unless they are immaterial.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Offset_(law)" title="Offset (law)">Offsetting</a>: Offsetting is generally forbidden in IFRS.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> However certain standards require offsetting when specific conditions are satisfied (such as in case of the accounting for defined benefit liabilities in IAS 19<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> and the net presentation of deferred tax liabilities and deferred tax assets in IAS 12<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup>).</li> <li>Frequency of reporting: IFRS requires that at least annually a complete set of financial statements is presented.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> However listed companies generally also publish interim financial statements (for which the accounting is fully IFRS compliant) for which the presentation is in accordance with IAS 34 <i>Interim Financing Reporting</i>.</li> <li>Comparative information: IFRS requires entities to present comparative information in respect of the preceding period for all amounts reported in the current period's financial statements. In addition comparative information shall also be provided for narrative and descriptive information if it is relevant to understanding the current period's financial statements.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> The standard IAS 1 also requires an additional statement of financial position (also called a third balance sheet) when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements. This for example occurred with the adoption of the revised standard IAS 19 (as of 1 January 2013) or when the new consolidation standards IFRS 10-11-12 were adopted (as of 1 January 2013 or 2014 for companies in the European Union).<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup></li> <li>Consistency of presentation: IFRS requires that the presentation and classification of items in the financial statements is retained from one period to the next unless: <div><ol style="list-style-type:lower-alpha and"><li>it is apparent, following a significant change in the nature of the entity's operations or a review of its financial statements, that another presentation or classification would be more appropriate having regard to the criteria for the selection and application of accounting policies in IAS 8; or</li><li>an IFRS standard requires a change.</li></ol></div></li></ul> <div class="mw-heading mw-heading3"><h3 id="Cash_flow_statements">Cash flow statements</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=13" title="Edit section: Cash flow statements"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Cash flow statements in IFRS are presented as follows:<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> <sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <ul><li><b>Operating cash flows</b>: the principal revenue-producing activities of the entity and are generally calculated by applying the indirect method, whereby profit or loss is adjusted for the effects of transaction of a non-cash nature, any deferrals or accruals of past or future cash receipts or payments, and items of income or expense associated with investing or financing cash flows.</li> <li><b>Investing cash flows</b>: the acquisition and disposal of long-term assets and other investments not included in cash equivalents. These represent the extent to which expenditures have been made for resources intended to generate future income and cash flows. Only expenditures that result in a recognised asset in the statement of financial position are eligible for classification as investing activities.</li> <li><b>Financing cash flows</b>: activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. These are important because they are useful in predicting claims on future cash flows by providers of capital to the entity.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Criticisms">Criticisms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=14" title="Edit section: Criticisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2012, staff of the Securities and Exchange Commission (SEC) issued a report setting out observations on a potential adoption of IFRS in the United States. This included the following criticisms:<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p> <ul><li>that it would be expensive for companies to move to compliance with IFRS;</li> <li>that the IASB had reliance on funding from large accounting firms which might jeopardise its actual or perceived independence;</li> <li>that the process of convergence of IFRS with US GAAP had not made progress in some areas;</li> <li>that the valuation of inventory under Last In First Out (LIFO) remains common in the United States, where it has some tax advantages, but would be prohibited under IFRS;</li> <li>that IFRS is not comprehensive in its coverage.</li></ul> <p>IASB staff have responded to these observations and concluded that there were no insurmountable obstacles for the adoption of IFRS by the United States.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>In 2013 IASB member Philippe Danjou listed ten common criticisms of IFRS. He sought to counter these, describing them as misconceptions<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p> <ul><li>IFRS practise a generalized "fair value"</li> <li>IFRS are intended to reflect the global financial value of the company</li> <li>IFRS deny the concept of accounting conservatism</li> <li>IFRS give prominence to economic reality over legal form</li> <li>Directors can not make heads or tails of IFRS financial statements</li> <li>IFRS financial statements do not reflect the business model</li> <li>Financial instruments are stated at "full fair value", thereby maximizing earnings volatility. The "fair value" is always defined as "market value" even when markets are illiquid.</li> <li>The treatment of business combinations is irrational.</li> <li>IFRSs create accounting volatility that does not reflect the economic reality.</li></ul> <p>Charles Lee, professor of accounting at Stanford Graduate School of Business, has also criticised the use of fair values in financial reporting.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>In 2019, H David Sherman and S David Young criticised the current state of financial reporting under IFRS and US GAAP:-<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Convergence of reporting standards has stalled. IFRS is not consistently applied;</li> <li>Alternative methods of revenue recognition make it difficult to interpret reported results;</li> <li>Many companies are using unofficial measures, for example earnings before interest, tax, depreciation and amortisation (EBITDA), whether to get around a deficiency in the format in accounting standards or potentially to mislead users;</li> <li>Companies can control decisions on expenditure to manage results.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Economic_effects">Economic effects</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=15" title="Edit section: Economic effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Many researchers have studied the effects of IFRS adoption, but results are unclear. For example, one study<sup id="cite_ref-DaskeHail2013_45-0" class="reference"><a href="#cite_note-DaskeHail2013-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> used data from 26 countries to study the economic consequences of mandatory IFRS adoption. It showed that, on average, even though market liquidity increases around the time IFRS is introduced, it is unclear whether IFRS mandate adoption is the sole reason for observed market effects. Firms' reporting incentives, law enforcement, and increased comparability of financial reports can also explain the effects. The adoption of IFRS in the European Union is a special case because it is an element of wider reforms aiming to consolidate the economies of member countries. One study reports positive market effects for companies adopting IFRS, but these positive effects occurred even before the transition took place.<sup id="cite_ref-Klimczak2011_46-0" class="reference"><a href="#cite_note-Klimczak2011-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> Another study looked at the development of the stock market in Poland; it found positive effects associated with Poland joining the EU but no specific effect attributable to its adoption of IFRS.<sup id="cite_ref-DobijaKlimczak2010_47-0" class="reference"><a href="#cite_note-DobijaKlimczak2010-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> Interestingly, member states maintain a large degree of independence in setting national accounting standards for companies that prefer to stay local.<sup id="cite_ref-André2017_48-0" class="reference"><a href="#cite_note-André2017-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=16" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/List_of_International_Financial_Reporting_Standards" title="List of International Financial Reporting Standards">List of International Financial Reporting Standards</a></li> <li><a href="/wiki/Chinese_accounting_standards" title="Chinese accounting standards">Chinese accounting standards</a></li> <li><a href="/wiki/Generally_Accepted_Accounting_Principles_(Canada)" title="Generally Accepted Accounting Principles (Canada)">Generally Accepted Accounting Principles (Canada)</a></li> <li><a href="/wiki/French_generally_accepted_accounting_principles" title="French generally accepted accounting principles">Generally Accepted Accounting Principles (France)</a></li> <li><a href="/wiki/Generally_Accepted_Accounting_Principles_(UK)" class="mw-redirect" title="Generally Accepted Accounting Principles (UK)">Generally Accepted Accounting Principles (UK)</a></li> <li><a href="/wiki/Generally_Accepted_Accounting_Principles_(United_States)" title="Generally Accepted Accounting Principles (United States)">Generally Accepted Accounting Principles (United States)</a></li> <li><a href="/wiki/Indian_Accounting_Standards" title="Indian Accounting Standards">Indian Accounting Standards</a></li> <li><a href="/wiki/International_Public_Sector_Accounting_Standards" title="International Public Sector Accounting Standards">International Public Sector Accounting Standards</a></li> <li><a href="/wiki/Nepal_Financial_Reporting_Standards" title="Nepal Financial Reporting Standards">Nepal Financial Reporting Standards</a></li> <li><a href="/wiki/Philosophy_of_accounting" title="Philosophy of accounting">Philosophy of accounting</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=17" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output 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Retrieved <span class="nowrap">21 August</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Why+fair+value+isn%27t+fair&rft.date=2013-02-06&rft.au=Charles+Lee&rft_id=https%3A%2F%2Fwww.gsb.stanford.edu%2Finsights%2Fcharles-lee-why-fair-value-accounting-isnt-fair&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+Financial+Reporting+Standards" class="Z3988"></span></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFH_David_Sherman_and_S_David_Young2016" class="citation journal cs1">H David Sherman and S David Young (1 July 2016). <a rel="nofollow" class="external text" href="https://hbr.org/2016/07/where-financial-reporting-still-falls-short">"Where financial reporting still fall short"</a>. <i>Harvard Business Review</i><span class="reference-accessdate">. Retrieved <span class="nowrap">21 August</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Harvard+Business+Review&rft.atitle=Where+financial+reporting+still+fall+short&rft.date=2016-07-01&rft.au=H+David+Sherman+and+S+David+Young&rft_id=https%3A%2F%2Fhbr.org%2F2016%2F07%2Fwhere-financial-reporting-still-falls-short&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+Financial+Reporting+Standards" class="Z3988"></span></span> </li> <li id="cite_note-DaskeHail2013-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-DaskeHail2013_45-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDaskeHailLeuzVerdi2013" class="citation journal cs1">Daske, Holger; Hail, Luzi; Leuz, Christian; Verdi, Rodrigo (2013). "Adopting a Label: Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions". <i>Journal of Accounting Research</i>. <b>51</b> (3): 495–547. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2F1475-679X.12005">10.1111/1475-679X.12005</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/1721.1%2F88143">1721.1/88143</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0021-8456">0021-8456</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Accounting+Research&rft.atitle=Adopting+a+Label%3A+Heterogeneity+in+the+Economic+Consequences+Around+IAS%2FIFRS+Adoptions&rft.volume=51&rft.issue=3&rft.pages=495-547&rft.date=2013&rft_id=info%3Ahdl%2F1721.1%2F88143&rft.issn=0021-8456&rft_id=info%3Adoi%2F10.1111%2F1475-679X.12005&rft.aulast=Daske&rft.aufirst=Holger&rft.au=Hail%2C+Luzi&rft.au=Leuz%2C+Christian&rft.au=Verdi%2C+Rodrigo&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+Financial+Reporting+Standards" class="Z3988"></span></span> </li> <li id="cite_note-Klimczak2011-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-Klimczak2011_46-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKlimczak2011" class="citation journal cs1">Klimczak, Karol (2011). <a rel="nofollow" class="external text" href="https://econpapers.repec.org/article/amijournl/v_3a10_3ay_3a2011_3ai_3a2_3ap_3a228-248.htm">"Market reaction to mandatory IFRS adoption: evidence from Poland"</a>. <i>Accounting & Management Information Systems / Contabilitate Si Informatica de Gestiune</i>. <b>10</b> (2): 228–248.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Accounting+%26+Management+Information+Systems+%2F+Contabilitate+Si+Informatica+de+Gestiune&rft.atitle=Market+reaction+to+mandatory+IFRS+adoption%3A+evidence+from+Poland&rft.volume=10&rft.issue=2&rft.pages=228-248&rft.date=2011&rft.aulast=Klimczak&rft.aufirst=Karol&rft_id=https%3A%2F%2Feconpapers.repec.org%2Farticle%2Famijournl%2Fv_3a10_3ay_3a2011_3ai_3a2_3ap_3a228-248.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+Financial+Reporting+Standards" class="Z3988"></span></span> </li> <li id="cite_note-DobijaKlimczak2010-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-DobijaKlimczak2010_47-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDobijaKlimczak2010" class="citation journal cs1">Dobija, Dorota; Klimczak, Karol Marek (2010). "Development of accounting in Poland: Market efficiency and the value relevance of reported earnings". <i>The International Journal of Accounting</i>. <b>45</b> (3): 356–374. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.intacc.2010.06.010">10.1016/j.intacc.2010.06.010</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0020-7063">0020-7063</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:155043665">155043665</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+International+Journal+of+Accounting&rft.atitle=Development+of+accounting+in+Poland%3A+Market+efficiency+and+the+value+relevance+of+reported+earnings&rft.volume=45&rft.issue=3&rft.pages=356-374&rft.date=2010&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A155043665%23id-name%3DS2CID&rft.issn=0020-7063&rft_id=info%3Adoi%2F10.1016%2Fj.intacc.2010.06.010&rft.aulast=Dobija&rft.aufirst=Dorota&rft.au=Klimczak%2C+Karol+Marek&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+Financial+Reporting+Standards" class="Z3988"></span></span> </li> <li id="cite_note-André2017-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-André2017_48-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAndré2017" class="citation journal cs1">André, Paul (2017). "The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from European Countries". <i>Accounting in Europe</i>. <b>14</b> (1–2): 1–12. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F17449480.2017.1319965">10.1080/17449480.2017.1319965</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1744-9480">1744-9480</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:157333221">157333221</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Accounting+in+Europe&rft.atitle=The+Role+and+Current+Status+of+IFRS+in+the+Completion+of+National+Accounting+Rules+%E2%80%93+Evidence+from+European+Countries&rft.volume=14&rft.issue=1%E2%80%932&rft.pages=1-12&rft.date=2017&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A157333221%23id-name%3DS2CID&rft.issn=1744-9480&rft_id=info%3Adoi%2F10.1080%2F17449480.2017.1319965&rft.aulast=Andr%C3%A9&rft.aufirst=Paul&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+Financial+Reporting+Standards" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=18" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><div class="side-box metadata side-box-right"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-abovebelow"> <a href="/wiki/Wikipedia:The_Wikipedia_Library" title="Wikipedia:The Wikipedia Library">Library resources</a> about <br /> <b>International Financial Reporting Standards</b> <hr /></div> <div class="side-box-flex"> <div class="side-box-text plainlist"><ul><li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=International+Financial+Reporting+Standards">Resources in your library</a></li> <li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=International+Financial+Reporting+Standards&library=0CHOOSE0">Resources in other libraries</a></li> </ul></div></div> </div> <ul><li>International Accounting Standards Board (2007): <i>International Financial Reporting Standards 2007 (including International Accounting Standards (IAS(tm)) and Interpretations as of 1 January 2007)</i>, LexisNexis, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-4224-1813-8" title="Special:BookSources/1-4224-1813-8">1-4224-1813-8</a></li> <li>Original texts of IAS/IFRS, SIC and IFRIC adopted by the Commission of the European Communities and published in Official Journal of the European Union <a rel="nofollow" class="external free" href="https://web.archive.org/web/20061020223959/http://ec.europa.eu/internal_market/accounting/ias_en.htm#adopted-commission">https://web.archive.org/web/20061020223959/http://ec.europa.eu/internal_market/accounting/ias_en.htm#adopted-commission</a></li> <li>Case studies of <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080404115922/http://www.unctad.org/Templates/Page.asp?intItemID=4355&lang=1">IFRS implementation</a> in <a rel="nofollow" class="external text" href="http://www.unctad.org/en/docs/c2isard33a1_en.pdf">Brazil</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100704052944/http://www.unctad.org/en/docs/c2isard33a1_en.pdf">Archived</a> 4 July 2010 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="http://www.unctad.org/en/docs/c2isard33a2_en.pdf">Germany</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100704053024/http://www.unctad.org/en/docs/c2isard33a2_en.pdf">Archived</a> 4 July 2010 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="http://www.unctad.org/en/docs/c2isard33a3_en.pdf">India</a>, <a rel="nofollow" class="external text" href="http://www.unctad.org/en/docs/c2isard33a4_en.pdf">Jamaica</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100704053006/http://www.unctad.org/en/docs/c2isard33a4_en.pdf">Archived</a> 4 July 2010 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="http://www.unctad.org/en/docs/c2isard33a5_en.pdf">Kenya</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100331213837/http://www.unctad.org/en/docs/c2isard33a5_en.pdf">Archived</a> 31 March 2010 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="http://www.unctad.org/en/docs/c2isard38_en.pdf">Pakistan</a>, <a rel="nofollow" class="external text" href="http://www.unctad.org/en/docs/c2isard39_en.pdf">South Africa</a> and <a rel="nofollow" class="external text" href="http://www.unctad.org/en/docs/c2isard40_en.pdf">Turkey</a>. Prepared by the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR).</li> <li>Wiley Guide to Fair Value Under IFRS <a rel="nofollow" class="external autonumber" href="http://ca.wiley.com/WileyCDA/WileyTitle/productCd-0470477083.html">[1]</a>, <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>.</li> <li>Perramon, J., & Amat, O. (2006). <a rel="nofollow" class="external text" href="http://repositori.upf.edu/bitstream/handle/10230/658/975.pdf?sequence=1">IFRS introduction and its effect on listed companies in Spain</a>. Economics Working Papers 975, Department of Economics and Business, Universitat Pompeu Fabra. <i>Available at SSRN 1002516</i>.</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_Financial_Reporting_Standards&action=edit&section=19" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.ifrs.org/">IFRS Foundation</a></li> <li><a rel="nofollow" class="external text" href="https://www.ifrs.org/groups/international-accounting-standards-board/">International Accounting Standards Board</a> <ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/19970522055936/http://www.iasb.org/">The International Accounting Standards Board</a> – (Archive) Free access to all IFRS standards, news and status of projects in progress</li></ul></li> <li><a rel="nofollow" class="external text" href="http://www.pwc.com/ifrs">PwC IFRS page</a> with news and downloadable documents</li> <li><a rel="nofollow" class="external text" href="http://www.icaew.com/index.cfm/route/112935/icaew_ga/en/Technical_amp_Business_Topics/Topics/Accounting_and_corporate_reporting/International_Financial_Reporting_Standards_IFRS">The latest IFRS news and resources from the Institute of Chartered Accountants in England and Wales (ICAEW)</a></li> <li><a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2003:261:SOM:EN:HTML">Initial publication of the International Accounting Standards in the Official Journal of the European Union PB L 261 13-10-2003</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20060701153800/http://europa.eu/scadplus/leg/en/lvb/l26040.htm">Directorate Internal Market of the European Union on the implementation of the IAS in the European Union</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20121015074952/http://www.deloitte.com/view/en_GB/uk/industries/financial-services/sector-focus/capital-markets/2c557501a5b91210VgnVCM200000bb42f00aRCRD.htm">Deloitte: An Overview of International Financial Reporting Standards</a></li> <li><a rel="nofollow" class="external text" href="http://www.ifrs.com/">The American Institute of CPAs (AICPA) in partnership with its marketing and technology subsidiary, CPA2Biz, has developed the IFRS.com web site.</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080820034229/http://www.rsmrichter.com/ifrs.aspx">RSM Richter IFRS page</a> with news and downloadable documents related to IFRS Conversions in Canada</li> <li><a rel="nofollow" class="external text" href="https://www.sec.gov/rules/proposed/33-8397.htm">U.S. Securities and Exchange Commission</a> Proposal for First-Time Application of International Financial Reporting Standards by Foreign private issuers registered with the SEC</li> <li><a rel="nofollow" class="external text" href="http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/ECAEXT/EXTCENFINREPREF/0,,contentMDK:22577649~pagePK:64168445~piPK:64168309~theSitePK:4152118,00.html">IFRS for SMEs</a> Presented by Michael Wells, Director of the IFRS Education Initiative at the IASC Foundation</li> <li><a rel="nofollow" class="external text" href="http://www.pwc.com/us/en/issues/ifrs-reporting/country-adoption/index.jhtml">Pricewaterhousecoopers's map of countries that apply IFRS</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120829180145/http://www.pwc.com/us/en/issues/ifrs-reporting/country-adoption/index.jhtml">Archived</a> 29 August 2012 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li> <li><a rel="nofollow" class="external text" href="http://www.ey.com/IN/en/Issues/IFRS">EY IFRS page</a> with insights on IFRS Standards</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output 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Standards"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:International_Financial_Reporting_Standards" title="Template talk:International Financial Reporting Standards"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:International_Financial_Reporting_Standards" title="Special:EditPage/Template:International Financial Reporting Standards"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="International_Financial_Reporting_Standards_and_Related_Accounting_Organizations" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">International Financial Reporting Standards</a> and Related <a href="/wiki/Accounting" title="Accounting">Accounting</a> Organizations</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Organizations</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/IFRS_Foundation" title="IFRS Foundation">IFRS Foundation</a></li> <li><a href="/wiki/International_Accounting_Standards_Board" title="International Accounting Standards Board">International Accounting Standards Board</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Predecessors</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/International_Accounting_Standards_Committee" title="International Accounting Standards Committee">International Accounting Standards Committee </a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Selected <a href="/wiki/Accounting_standards" class="mw-redirect" title="Accounting standards">standards</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">IFRS</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/IFRS_1" title="IFRS 1">1</a></li> <li><a href="/wiki/IFRS_2" title="IFRS 2">2</a></li> <li><a href="/wiki/IFRS_4" title="IFRS 4">4</a></li> <li><a href="/wiki/IFRS_5" title="IFRS 5">5</a></li> <li><a href="/wiki/IFRS_7" title="IFRS 7">7</a></li> <li><a href="/wiki/IFRS_9" title="IFRS 9">9</a></li> <li><a href="/wiki/IFRS_10,_11_and_12" title="IFRS 10, 11 and 12">10</a></li> <li><a href="/wiki/IFRS_10,_11_and_12" title="IFRS 10, 11 and 12">11</a></li> <li><a href="/wiki/IFRS_10,_11_and_12" title="IFRS 10, 11 and 12">12</a></li> <li><a href="/wiki/IFRS_13" class="mw-redirect" title="IFRS 13">13</a></li> <li><a href="/wiki/IFRS_15" title="IFRS 15">15</a></li> <li><a href="/wiki/IFRS_16" title="IFRS 16">16</a></li> <li><a href="/wiki/IFRS_17" title="IFRS 17">17</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">IAS</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/IAS_1" title="IAS 1">1</a></li> <li><a href="/wiki/IAS_2" title="IAS 2">2</a></li> <li><a href="/wiki/IAS_7" title="IAS 7">7</a></li> <li><a href="/wiki/IAS_8" title="IAS 8">8</a></li> <li><a href="/wiki/IAS_10" title="IAS 10">10</a></li> <li><a href="/wiki/IAS_16" title="IAS 16">16</a></li> <li><a href="/w/index.php?title=IAS_17&action=edit&redlink=1" class="new" title="IAS 17 (page does not exist)">17</a></li> <li><a href="/wiki/IAS_19" title="IAS 19">19</a></li> <li><a href="/wiki/IAS_23" title="IAS 23">23</a></li> <li><a href="/wiki/IAS_37" title="IAS 37">37</a></li> <li><a href="/wiki/IAS_39" title="IAS 39">39</a></li></ul> </div></td></tr></tbody></table><div> <ul><li><a href="/wiki/List_of_International_Financial_Reporting_Standards" title="List of International Financial Reporting Standards">List of standards</a></li> <li><a href="/wiki/International_Financial_Reporting_Standards_requirements" class="mw-redirect" title="International Financial Reporting Standards requirements">requirements</a></li></ul></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Accounting" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link 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title="Financial accounting">Financial accounting</a></li> <li><a href="/wiki/Cost_accounting" title="Cost accounting">Cost accounting</a></li> <li><a href="/wiki/Management_accounting" title="Management accounting">Management accounting</a></li> <li><a href="/wiki/Forensic_accounting" title="Forensic accounting">Forensic accounting</a></li> <li><a href="/wiki/Fund_accounting" title="Fund accounting">Fund accounting</a></li> <li><a href="/wiki/Governmental_accounting" title="Governmental accounting">Governmental accounting</a></li> <li><a href="/wiki/Social_accounting" title="Social accounting">Social accounting</a></li> <li><a href="/wiki/Tax_accounting" class="mw-redirect" title="Tax accounting">Tax accounting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Statements</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Income_statement" title="Income statement">Income statement</a></li> <li><a href="/wiki/Balance_sheet" title="Balance sheet">Balance sheet</a></li> <li><a href="/wiki/Statement_of_changes_in_equity" title="Statement of changes in equity">Statement of changes in equity</a></li> <li><a href="/wiki/Cash_flow_statement" title="Cash flow statement">Cash flow statement</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Debits_and_credits" title="Debits and credits">Debits and credits</a></li> <li><a href="/wiki/Revenue" title="Revenue">Revenue</a></li> <li><a href="/wiki/Cost_of_goods_sold" title="Cost of goods sold">Cost of goods sold</a></li> <li><a href="/wiki/Operating_expense" title="Operating expense">Operating expense</a></li> <li><a href="/wiki/Capital_expenditure" title="Capital expenditure">Capital expenditure</a></li> <li><a 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