A definitive set of criteria used to guide financial accounting and reporting practices globally, formulated by various authoritative bodies such as FASB, IASB, and FRC.
A statement of theoretical principles that provides guidance for financial accounting and reporting. It serves as a foundation for setting accounting standards and provides a coherent system of interrelated objectives and fundamentals.
A document setting out the basic accounting concepts informing International Accounting Standards and International Financial Reporting Standards, serving as a guide in the preparation and presentation of financial statements.
The Financial Accounting Standards Board (FASB) is an independent board responsible for establishing and interpreting Generally Accepted Accounting Principles (GAAP).
Harmonization involves aligning accounting standards and practices to achieve consistent and comparable financial reporting globally.
The International Accounting Standards Board (IASB) is the independent, private sector body that develops and approves International Financial Reporting Standards (IFRS). The IASB was formed to achieve transparency, accountability, and efficiency in financial markets around the world through consistent and high-quality accounting standards.
The IFRS Advisory Council is a formal advisory body that provides strategic advice and counsel to the International Accounting Standards Board (IASB) and the Trustees of the IFRS Foundation on the development and implementation of International Financial Reporting Standards (IFRS).
International Accounting Standards (IAS) are issued by the International Accounting Standards Board (IASB) to standardize accounting principles and procedures across different countries to enhance comparability and transparency in financial statements.
A comprehensive guide to the International Accounting Standards (IAS) issued by the International Accounting Standards Committee (IASC) and maintained by the International Accounting Standards Board (IASB).
The London-based privately funded organization responsible for developing a single set of high-quality, understandable International Financial Reporting Standards (IFRS) for general-purpose financial statements.
An independent, privately funded organization responsible for developing and promoting international accounting standards to ensure high quality and comparable financial reporting globally.
The International Accounting Standards Committee (IASC) was an independent private-sector body that created and issued international accounting standards. Its purpose was to develop and promote international accounting standards through consensus-building. The IASC has since been replaced by the International Accounting Standards Board (IASB), under the International Financial Reporting Standards (IFRS) Foundation.
The International Accounting Standards Committee (IASC) was established in 1973 to set global accounting standards and was later superseded by the International Accounting Standards Board (IASB) in 2001.
The International Accounting Standards Committee Foundation (IASCF) was an independent, private-sector organization responsible for developing a single set of high-quality, understandable, and enforceable international financial reporting standards through its standard-setting body, the International Accounting Standards Board (IASB).
The International Financial Reporting Interpretations Committee (IFRIC) assists the International Accounting Standards Board (IASB) by providing guidance on the application and interpretation of International Financial Reporting Standards (IFRS).
International Financial Reporting Standards (IFRS) are a set of international accounting standards issued by the International Accounting Standards Board (IASB) since 2001, aimed at creating consistent financial statements that are comparable across international boundaries.
International Financial Reporting Standards (IFRS) are a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB). They aim to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
The IFRS-AC is a council of diverse experts who advise the IASB on setting global accounting standards, ensuring these standards are relevant and practical for financial statement users and preparers.
The principle that financial information provided by a company should be free from bias, ensuring objectivity and reliability in financial reporting as defined by the International Accounting Standards Board (IASB).
The principle that a company should provide financial information to its users without undue delay, ensuring the data arrives in time to influence economic decisions. Timeliness is critical in maintaining the information's relevance and impact.
