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International Financial Reporting Standards (IFRS), often known by the older name of International Accounting Standards (IAS) are a set of accounting standards. They are issued by the International Accounting Standards Board (IASB). The standards that form IFRS are known as either International Accounting Standards (IASs) or International Financial Reporting Standards (IFRSs) depending on when they were published.

1 Adaptation and Convergence

IFRS is used in many countries in the world, including Hong Kong and Russia, and is also used in certain European countries

1.1 European Union

IFRS was given a boost in 2002, when the European Commission issued a regulation that all listed companies in Europe must adopt IFRS by 2005 for their consolidated accounts (as opposed to the firm's individual accounts). Many member countries within the European Union have made the accounting regulation more restrictive by requiring private companies to comply with IFRS.

1.2 United States

The accounting standard in United States has been US Generally Accepted Accounting Principles created by the US Financial Accounting Standards Board. In late 2002, IASB and US FASB issued a joint statement that they will work toward the eventual convergence of two standards. Securities and Exchange Commission is in the process of analyzing differences between IFRS and US GAAP.

1.3 Hong Kong

In Hong Kong, HK GAAP is more restrictive than IFRS due to regulatory laws. HK GAAP only deviates from IFRS in minor instances. Therefore, many companies complying with HK GAAP are already IFRS compliant. HK GAAP is moving towards full convergence with IFRS in 2005.

1.4 People's Republic of China

In People's Republic of ChinaThe People's Republic of China PRC comprises most of the cultural, historic, and geographic area known as China. Since its founding in 1949, it has been led by the Communist Party of China (CPC). It is the world's most populous country, with a population, the standard used for accounting is PRC GAAP , which is required by law. The accounting requirements for publicly-traded companiesLiterally a public company is a company owned by the public. There are two uses of this term. A company that is owned by stockholders who are members of the general public and traded publicly. Ownership is open to anyone that has the money and inclination in China differ based on the type of company:

A-share companies are companies trade in RenminbiThe renminbi (Traditional Chinese: , Simplified Chinese: , literally means "people's currency") is the official currency of the People's Republic of China. It is issued by the People's Bank of China, the monetary authority of mainland China. The official and inaccessible to foreigners.
B-share companies are companies trade in a foreign currency and accessible to foreigners.

Because foreign investors have access to B-share companies, all B-share companies are required to file also in IFRS. This requirement is also extended to A-share financial companies.

2 Details

IFRSs are considered a "principles-based" set of standards, in that they establish broad rules rather than dictating specific treatments. As of 2002 a number of IFRSs offer the preparer choices of treatments; the IASB's Improvements Project is seeking to reduce these choices.

International accounting standards currently in use are as follows:

IAS 1: Presentation of Financial Statements
IAS 2: Inventories
IAS 7: Cash Flow Statements
IAS 8: Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting practices
IAS 10: Events After the Balance Sheet Date
IAS 11: Construction Contracts
IAS 12: Income Taxes
IAS 14: Segment Reporting
IAS 15: Information Reflecting the Effects of Changing Prices
IAS 16: Property, Plant and Equipment
IAS 17: Leases
IAS 18: Revenue
IAS 19: Employee Benefits
IAS 20: Accounting for Government Grants and Disclosure of Government Assistance
IAS 21: The Effects of Changes in Foreign Exchange Rates
IAS 23: Borrowing Costs
IAS 24: Related Party Disclosures
IAS 26: Accounting and Reporting by Retirement Benefit Plans
IAS 27: Consolidated Financial Statements
IAS 28: Investments in Associates
IAS 29: Financial Reporting in Hyperinflationary Economies
IAS 30: Disclosures in the Financial Statements of Banks and Similar Financial Institutions
IAS 31: Financial Reporting of Interests in Joint Ventures
IAS 32: Financial Instruments: Disclosure and Presentation
IAS 33: Earnings per Share
IAS 34: Interim Financial Reporting
IAS 35: Discontinuing Operations
IAS 37: Provisions, Contingent Liabilities and Contingent Assets
IAS 38: Intangible Assets
IAS 39: Financial Instruments: Recognition and Measurement
IAS 40: Investment Property
IAS 41: Agriculture

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