2010: a critical year for IFRS, says Ernst & Young
International GAAP® 2010 is launched
London, 26 January 2010 – 2010 will be a critical year for the progression of International Financial Reporting Standards (IFRS), with more countries commencing their conversion to IFRS. These include Canada, India and much of South America.
As Ernst & Young publishes its International GAAP® 2010 handbook on applying international financial reporting standards, it welcomes developments that occurred in late December: Australia, an existing IFRS adopter, announced full adoption of IFRS 9 for financial instruments; and Japan made amendments to regulations relating to voluntary IFRS filings.
Ruth Picker, Global IFRS leader at Ernst & Young, comments: “In their September 2009 Pittsburgh summit, the G20 leaders publicly supported the goal of a single set of global accounting standards. The challenges faced by the Securities and Exchange Commission, the International Accounting Standards Board and the Financial Accounting Standards Board should not overshadow the significant progress made to date across the globe. In the meantime, existing IFRS adopters and converting countries all need practical help on how to apply IFRS.”
International GAAP® 2010 launched
International GAAP® 2010, written by authors from Ernst & Young’s International Financial Reporting Group, provides insight and guidance on the interpretation and practical application of IFRS from a truly global perspective, based on the experience of the authors in dealing with recent day-to-day practical issues.
It provides leading interpretations and practical guidance, and every section contains detailed analysis of how complex financial reporting problems can be resolved appropriately and effectively, through numerous worked examples, and practical illustrations taken from the actual financial statements of companies that report under IFRS. It is a major global resource aimed at enhancing the consistent application of IFRS worldwide.
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