P A R Y & Co
 
P A R Y & CO
 
 
PROFESSIONAL SERVICES

IFRSs

IFRSs are considered a "principles based" set of standards, which establish broad rules as well as guide towards its specific treatments and comprise:

IFRS are used in many parts of the world, including the European Union, Hong Kong, Australia, Malaysia, Pakistan, India, GCC countries, Russia, South Africa, Singapore and Turkey.

The fact of popolurisation of IFRS is evident from the fact that more than 8000 EU listed companies adopted IFRS in 2005, more than 1100 Chinese companies have recently switched over to IFRS and the US Security Exchange Commission (SEC) has recently permitted foreign companies listed in the US to file their financials prepared in accordance with IFRS.

IAS were issued between 1973 and 2001 by the board of the International Accounting Standards Committee (IASC). In April 2001 the International Accounting Standard Board (IASB), which replaced IASC, has adopted all IAS and continued their development, calling the new standards as “IFRS”.

At present much of efforts of IASB is channelized towards convergence with US GAAP.

Log on to www.sec.gov to know more about proposal for first time application of IFRS by foreign private issueres registered with Security Exchange Commission of USA (SEC) For more detail log on to www.iasb.org