International Financial Reporting Standard
International Financial Reporting Standard (IFRS)
an internationally recognised public sector accounting standard. The UK government is currently considering when to give effect to the IFRS, with the scheduled date for adoption being 1 January 2010.
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Accounting standards issued by the International Accounting Standards Board (IASB). The International Accounting Standards (IAS) Regulation (2002/3626/EC) requires EU listed companies to prepare their consolidated financial statements under IFRS from 2005. In the UK this means using IFRS instead of UK GAAP (generally accepted accounting principles) for accounting periods starting on or after 1 January 2005.
For further information, see the IASB website: .
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USA
Accounting and financial reporting standards issued by the International Accounting Standards Board (IASB) for the preparation of general purpose financial statements. The IASB works with national accounting standard-setters to achieve convergence in accounting standards around the world.
European Union, United Kingdom
Accounting standards issued by the International Accounting Standards Board (IASB). The International Accounting Standards (IAS) Regulation (2002/3626/EC) requires entities that have their securities traded on an EU regulated market to prepare their consolidated accounts on an EU-adopted IFRS basis. In the UK, this means group accounts of listed companies using IFRS as adopted by the EU instead of UK GAAP for accounting periods starting on or after 1 January 2005.
For accounting periods beginning on or after 1 January 2007, entities with securities listed on AIM also have to prepare their consolidated accounts on an EU-adopted IFRS basis.
For further information, see Practice note, Accounting standards.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

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