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IFRS Answers
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This paper consists of answers to questions on the IASB and IFRS.... More...
1 Pages / 225 Words
4 sources, 8 Citations, APA Format
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Paper Introduction:
IFRS Answersa What is the IASB Was there a predecessor to the IASB Who funds the operation of the IASB IASB stands for International Accounting Standards Board and it is an independent private-sector body that develops and approves International Financial Reporting Standards What Is the IASB Started in the IASB is a replacement for its predecessor the International Accounting Standards Committee The IASB is funded by beneficiaries within its jurisdiction who share the burden as well as receiving official support from the

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(2 1 ). Retrieved on April 2 , 2 1 from: http://www.iasplus.com/iascf/whoweare.pdf Ernst & Young. Retrieved on April 19, 2 1 from: http://www.iasplus.com/restruct/whatis.htmWho we are and what we do. The IFRS include International Financial Reporting Standards, International Accounting Standards, and interpretations from the IFRS Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC) ("What IS the IASB?" 2 1 ).c. AICPA. (2 1 ). To reduce the differences between the two, the IFRS and US GAAP are going to merge to create a uniform set of global accounting standards ("U.S. companies use IFRS because the SEC has not yet issued a rule allowing this ("IFRS FAQs," 2 1 ). IASB stands for International Accounting Standards Board, and it is "an independent, private-sector body that develops and approves International Financial Reporting Standards" ("What Is the IASB?" 2 1 ). Yes, the U.S. (2 1 ). IFRS," 2 1 , p. What is the IASB? The IASB is funded by beneficiaries within its jurisdiction who share the burden, as well as receiving official support from the regulatory authorities relevant to its work ("Who we are and what we do," 2 1 ).b. Was there a predecessor to the IASB? IFRS," 2 1 , pp. Deloitte Touche Tohmatsu. What are International Accounting Standards (IAS)? IFRS are developed under the oversight of the Securities and Exchange Commission, which regulates and supervises the securities industry and also has oversight for the FASB ("IFRS FAQs," 2 1 ). IASB. IASs are accounting standards that improve financial reporting and that can be accepted worldwide ("U.S. No, no U.S. What are International Financial Accounting Standards (IFRS)? 47).d. 3-4). The US GAAP has tighter restrictions than the IFRS, which has broader interpretations of standards. What is being done to reduce the differences (converge IFRS and US GAAP)? Started in 2 1, the IASB is a replacement for its predecessor, the International Accounting Standards Committee. ReferencesIFRS FAQs. GAAP vs. Retrieved on April 19, 2 1 from: http://www.ey.com/Publication/vwLUAssets/IFRS_vs_US_GAAP_Basics_March_2 1 /$FILE/IFRS_vs_US_GAAP_Basics_March_2 1 .pdfWhat Is the IASB? If so, how widespread is the usage of IFRS in the world? Does the US have any influence over the development of IFRS? Who funds the operation of the IASB? GAAP vs. has partial influence over the development of IFRS.e. (2 1 ). GAAP vs. How much do IFRS and US GAAP differ? Do any companies use IFRS? However, several large multinational corporations use IFRS for their foreign subsidiaries where this is permissible according to local laws ("IFRS FAQs," 2 1 ).f. IFRS. Retrieved on April 2 , 2 1 from: http://www.ifrs.com/ifrs_faqs.html#q8U.S. How are IFRS developed? IFRS Answersa.

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