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IFRS Foundation & IASB (How IFRS Standards are developed (Supported by…
IFRS Foundation & IASB
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What are IFRS Standards
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Items that should be recognised as Assets, Liabilities, Income & Expense
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The Vision
Board dedicated to developing public interest with a set of high global accounting standards. Provide lenders, investors and others with financial statements.
Supported by G20, World Bank, International Monetary Fund (IMF), Basel Committee, International Organization of Securities Commisions (IOSCO), the International Federation of Accounts (IFAC) & the European Parliament & Council.
Board formed in 2001, successor to IASC "International Accounting Standards Committee" London based but with a global mission.
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IFRS standards are developed by the board (independant, private sector, not-for-profit organisation)
Why adopt IFRS Standards
The use of 1 set of high quality standards by companies throughout the world improves the comparability and transparency of financial info, reduces financial statement prep costs.