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International Financial Accounting Standards

international Financial Reporting Standards

International Financial Reporting Standards (IFRS) sometimes referred to as iGAAP, formally called International Accounting Standards (IAS). IFRS are designed to be a common global accounting standard so that company accounts are understandable and comparable across international borders. They are equivalent to US GAAP.

International Accounting Standard Board

International Accounting Standards Board (IASB) is the independent accounting standard setting body responsible for the IFRS. The IASB issues three major types of pronouncements:

  1. International Financial Reporting Standards
  2. Framework for financial reporting
  3. International financial reporting interpretations

International Organization of Securities Commissions

International Organization of Securities Commissions (IOSCO) is dedicated to ensuring that global markets can operate in an efficient and effective basis. Members are typically the main financial regulator from each country.