Reflections on IFRS: "International GAAP" Gets Underway

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Reflections on IFRS: "International GAAP" Gets Underway

September 14, 2006 1:24 AM
From BusinessFinanceLink, Issue #347

More than 8,000 listed companies in the European Union applied International Financial Reporting Standards (IFRS) in their financial statements last year -- most for the first time. Ernst & Young recently reviewed the 2005 financial statements of some of the largest companies in the world to "assess the degree of consistency and comparability among companies that has resulted from IFRS adoption, and to ascertain how performance measures based on IFRS have been used in market communications." The consensus seems to be that even though we're only at the starting gate, IFRS has brought about significantly greater consistency in accounting recognition and measurement and far greater disclosure of information in financial statements. Download the big PDF here.