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12 Key Standards and Self Assessments-Code 6

6. International Accounting Standards
(International Accounting Standards Board)

Description | Standard | Self-Assessment PDF icon

Accounting standards can provide a financial reporting framework that delivers transparent, consistent, comparable, relevant and reliable financial information. Such standards are fundamental for economic efficiency and financial stability. However, while accounting standards must be high quality, they also must be supported by an infrastructure that ensures that the standards are rigorously interpreted and applied, and that issues and problematic practices are identified and resolved in a timely fashion.

The International Accounting Standards Board (IASB) has set out principles to be observed in the preparation of financial statements. A total of 41 standards have been issued to date, of which seven have been replaced. Interpretation documents for these standards are also published to promote understanding.

In October 1999, the Financial Accounting Standards Board (FASB) completed a study of the similarities and differences between U.S. Generally Accepted Accounting Principles (GAAP) and IAS. The attached self-assessment is a summary of that study.

Last Updated: 12/1/2010 8:40 AM