International Financial Reporting Standards (IFRS)

The International Financial Reporting Standards (IFRS) are a set of rules and standards for preparing financial statements. An organization called the International Accounting Standards Board (IASB) issued the IFRS.
The goal of the IFRS is to standardize the regulations and procedures for financial statement preparation around the world. Currently, many countries have their own sets of standards for accounting rules and regulations for financial statement preparation. Furthermore, across the globe, many countries are beginning to conform to the IFRS.
IFRS standards apply to financial statements such as the balance sheet, the income statement, the statement of cash flows, a statement of owner’s equity, and accompanying notes to financial statements. Furthermore, the IFRS cover such things as underlying assumptions and qualitative characteristics of financial statement preparation. The IFRS also covers the basic elements of financial statements – assets, liabilities, equity, income, expenses – and the proper way to recognize these elements.

IAS – IFRS

The IFRS were established in 2001. Prior to that date (from 1973 to 2001), the International Accounting Standards (IAS) were the set of rules and regulations recognized worldwide. Then the IAS was incorporated into the IFRS.

International Accounting Standards Board (IASB)

If you want more information regarding IASB and IFRS, then go to: iasb.org
Download your free External Analysis whitepaper that guides you through overcoming obstacles and preparing how your company is going to react to external factors.

[box]Strategic CFO Lab Member Extra
Access your Projections Execution Plan in SCFO Lab. The step-by-step plan to get ahead of your cash flow.
Click here to access your Execution Plan. Not a Lab Member?
Click here to learn more about SCFO Labs[/box]

Is Mexico the New China?

June 1, 2023

In the wake of the COVID-19 pandemic and escalating tensions with China, American companies are actively seeking alternatives to mitigate their supply chain risks and reduce dependence on Chinese manufacturing. Nearshoring, the process of relocating operations closer to home, has emerged as an explosive opportunity for American and Mexican companies to collaborate like never before.

The Accounting Gap Between Large and Small Companies

March 8, 2023

The Accounting Gap: It’s unfortunate, but true. A large gap exists between the accounting departments of large or publicly traded companies and smaller or private companies. In our past 25 years of consulting we’ve noticed that more often than not, these smaller/private companies will fill the gap with Bookkeepers, rather than the degreed Accountants/CPAs they

The Struggles of Private Company Accounting

June 9, 2022

Building your Accounting Department… When I meet a business owner operating at a successful $10+ mil in revenue I often hear them say “My CPA…” and I immediately know they are referring to a tax CPA. One thing ALL entrepreneurs have in common is that they have to file a tax return. So from day