IFRS

What does IFRS stand for?

• International Formal Reporting Structure

• Institute of Finance Resource System

• International Financial Reporting Standards

• Independent From Rules and Securities

IFRS is derived from

• GAAP

• SEC

• Big 4

• International Accounting Standards Board (IASB)

IFRS is used primarily by businesses reporting their financial results anywhere in the world to include the United States

• True

• False

What is the main difference between IFRS and GAAP

• GAAP is more rules based and IFRS is more general principles

• IFRS is more rules based and GAAP is more general principles

• GAAP only applies to publicly traded companies

What is the purpose of IFRS?

• Tighter control on public companies

• Requires businesses to report their financial results and financial position using the same rules

• Works to eliminate Reporting Managers

• Protect against another recession

Is there an expectation that GAAP and IFRS will be merged into one standard set of guidlelines?

• Yes

• No

What will the cost be to companies if GAAP and IFRS merge?

• More

• Less

• About the same

• None of your business