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International Accounting Standards Board (IASB)

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A London-based organization which seeks to set and enforce standards for accounting procedures. Over 100 countries currently require or permit companies to comply with IASB standards. It is responsible for maintaining the International Financial Reporting Standards (IRFS). The organization was preceded by the International Accounting Standards Committee (IASC). See also Generally Accepted Accounting Principles (GAAP).

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International Financial Reporting Standards (IFRS)


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Guidelines and rules set by the International Accounting Standards Board (IASB) that companies and organizations can follow when compiling financial statements. The creation of international standards allows investors, organizations and governments to compare the IFRS-supported financial statements with greater ease. Over 100 countries currently require or permit companies to comply with IFRS standards. The International Financial Reporting Standards were previously called the International Accounting Standards (IAS). Organizations in the United States are required to use the Generally Accepted Accounting Principles (GAAP). See alsoInternational Accounting Standards Committee (IASC).

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International Accounting Standards Committee (IASC)


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An international organization formed in 1973 by an agreement between the accounting bodies of 140 countries that developed and promoted the use of the International Accounting Standards (IAS). It was succeeded by the International Accounting Standards Board (IASB).

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International Accounting Standards (IAS)


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Standards for the preparation and presentation of financial statements created by the International Accounting Standards Committee (IASC). They were first written in 1973, and stopped when the International Accounting Standards Board (IASB) took over their creation in 2001. See also Generally Accepted Accounting Principles (GAAP).
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