IFRS GAAP

INCOMPANY TRAINING PROGRAMS FOR PROFESSIONALS

IFRS GAAP


The term IFRS GAAP, International Financial Reporting Standards Generally Accepted Accounting Principles, is used to describe the system of financial reporting and accounting principles applied in countries where IFRS is prescribed as the reporting standard. GAAP regulations include, among other things, definitions of concepts and principles as well as industry-specific reporting rules. The standards are overseen by the International Accounting Standards Board (IASB). The (corresponding) standards to be applied by European companies are published by the European Commission in the Official Journal of the European Union.

All companies listed on stock exchanges within the EU are required to apply IFRS in their consolidated financial statements. Currently, IFRS accounting standards are applied in more than 169 countries worldwide.