IFRS

1
IFRS

• International Financial
• Reporting Standards

2
IFRS

• Economic Performance Approach
• U.S.
• UK
• Commercial and Tax Law Approach
• France
• Italy
• Germany

3
IFRS

• Principles-based Approach
• Rules-based approach

4
Some Differences Between U.S. GAAP IFRS

• Alternative treatment allows revaluation of PPE
  upward if replacement cost has increased above
  original cost
• Reversal of impairment losses
• Research and Development
• Research phase expensed
• Development phase can be capitalized
• Examples see handouts from class