About International Financial Reporting Standards (IFRS)
The IFRS were developed by the International Accounting Standards Board (IASB) as a single set of high quality, understandable and enforceable global accounting standards that could serve as a model on which national standard setters could base their own requirements.
An introduction to IFRS
In the Norwalk Agreement in October 2002, the FASB and the IASB formalised their commitment to the convergence of US GAAP and IFRS by issuing a memorandum of understanding. The two boards pledged to use their best efforts to make their existing financial reporting standards fully compatible as soon as is practicable, and to coordinate their future work programmes to ensure that, once achieved, compatibility is maintained.
As the IASB and the FASB continue to work on various convergence-related projects, a significant number of countries are currently applying IFRS and additional countries are planning to adopt IFRS over the next few years. A decision about the use of IFRS in the United States is expected by the end of 2011.
IFRS are now becoming the common language for financial reporting. Many companies underestimate the impact of these principles-based standards on the reporting of their complex transactions. Moreover, they also need to stay up to date on the constant evolution of IFRS.
Deloitte IFRS Services
At Deloitte Luxembourg, we can provide you with integrated solutions driven by quality. We have IFRS experts available to offer you practical answers: our technical opinions are supported by a comprehensive analysis of the relevant guidance applied to your particular facts and circumstances.
We will proactively inform you on a timely basis of IFRS developments that may impact your financial reporting, in order to manage such changes appropriately.
Click here to read more about how we can help your company with its IFRS Challenges.