The FT explains the rationale behind the new accounting standards and how they are viewed and used by accountants, investors, companies and analysts. For full coverage of IFRS, plus our online discussion and poll, click here.
What are International Financial Reporting Standards?
A set of rules that tell companies what they need to show in their accounts and how the numbers are to be calculated. Also known as international accounting standards, they come in a book that runs to over 2,000 pages and cover everything from cashflow and tax accounting to derivatives and pension fund deficits.
Why is there so much talk about IFRS?
The standards have been around since the 1970s, but they have risen to prominence this year because the European Union decided to make all listed companies report under IFRS from January 1 2005.
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