International Financial Reporting Standards (IFRS) are the reporting standards developed by the International Accounting Standards Board (IASB). IFRS is now required or permitted in nearly 100 countries, while others plan to adopt or align with IFRS soon. In the US, Generally Accepted Accounting Principles (GAAP) will soon be aligned with IFRS. Find out how this will affect your company, and what you can do about it.
and net realizable value (NRV) , while under US GAAP, inventory is carried at the lower of cost and market-based valuation. Under IFRS, a larger number of financial instruments will qualify as derivatives. For instance, instruments such as option and forward agreements to buy unlisted equity investments are accounted for as derivatives under IFRS, but not under US GAAP. The well-managed European experience with IFRS transition is encouraging. In their 2005 consolidated financials, all 7,000 of the