International Financial Reporting Standards (IFRS) are standards and interpretations issued by the International Accounting Standards Board (IASB). IFRS is considered more principles-based and is less detailed than, for example, U.S. GAAP. Over 100 countries have already adopted IFRS for public company filing. Countries currently in the process of adopting IFRS include Brazil, Chile, and Canada. Other countries such as Japan and India have begun converging their national GAAP to IFRS. In the United States, the Securities and Exchange Commission (SEC) has proposed a roadmap outlining the potential adoption of IFRS by U.S. issuers. The proposed roadmap could allow some American corporations to start filing under IFRS as early as 2011.
via International Financial Reporting Standards (IFRS) | Applications | Oracle.
