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APPENDIX C
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
DISCUSSION QUESTIONS
1. In recent years, the removal of trade barriers and the growth in cross-border equity and debt issuances have
led to a dramatic increase in international commerce. As a result, companies are often reporting financial
2. International Financial Reporting Standards (IFRS) are a set of global accounting standards. IFRS applies
to companies that issue publicly traded debt or equity securities, called public companies, in countries that
3. The International Accounting Standards Board (IASB) is the body charged with developing International
Financial Reporting Standards. Like the FASB, the IASB is an independent entity that establishes
4. a. Adoption would entail the U.S. Securities and Exchange Commission formally deciding to adopt IFRS
as the accounting standard framework for U.S. GAAP. Only the SEC has the authority to adopt IFRS as
GAAP for U.S. public companies. Presently, the SEC has not supported adopting IFRS for U.S.
5. a. U.S. GAAP is considered to be a “rules-based” approach to accounting standard setting. The
accounting standards provide detailed and specific rules on the accounting for business transactions.
