Global Accounting Standards – Trends and Developments

Author:Lesley MEALL, ACCA

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Keywords:International Financial Reporting Standards –IFRS, stakeholder, General Accepted Accounting Principles-GAAP, Accounting Standards Board of Japan – ASBJ, Securities and Exchange Comission –SEC, International Accounting Standards Board – IASB

Abstract:
In this article there are presented, in brief, the general aspects regarding the International Financial Reporting Standards – IFRS. During the article, there will be made reference to the causes which determined the necessity to have these standards and the manner in which they were and will be adopted by different countries all over the world.\r\nToday, more than 100 countries on all five continents use International Financial Reporting Standards (IFRS), and over the next few years they will be joined by many more.\r\nThe IFRS will enable investors to more easily compare companies operating in different jurisdictions, and facilitate a more consistent approach to supervision by regulators across the region.\r\nFor IFRS to become anything approaching a „global standard”, some of the world’s most important economies still need to converge their national standards with international standards.\r\nThe accounting specialists consider that in order for the IFRS to become the unique set of accounting standards internationally accepted, there must be encouraged the minimization of differences and delays particularly in Europe.\r\nAt the end of the article, there are presented general information on International Accounting Standards Board – IASB the central entity which settles, regulates and promotes the IFRS.\r\n

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