The Pros and Cons of Adopting IFRS by Lei Shi
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by the International Accounting Standards Board (IASB). IFRS has been adopted by more than 12,000 companies in over 100 nations and is becoming the global standard for the preparation of financial statements of public companies throughout the world. However, in the U.S., GAAP (General Accepted Accounting Principles) is applied. Recently, the G20 leaders have called for significant progress towards moving to one set of high-quality global accounting standards. [...]
The IFRS Edge
The International Financial Reporting Standards (IFRS) have rapidly emerged as a globally accepted accounting framework. Many countries have started adopting IFRS across the globe and India will be converging with IFRS from April 2011 in a phased manner as committed by the ICAI. Currently, India has an extremely limited pool of resources that have any form of training or experience in IFRS. To broaden the pool of trained resources, it is important to incorporate IFRS training in colleges, universities, and [...]
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