IFRS is an acronym for International Financial Reporting Standards, a set of accounting principles initially outlined to harmonize EU practices that has become a de facto global accounting standard. Since 2001, the International Accounting Standards Board (IASB) has taken responsibility for codifying and developing IFRS principles to achieve the harmonization necessary to support global business.
Gaps remain between IFRS and national accounting standards, including US GAAP (Generally Accepted Accounting Principles) rules. This results in some differences in calculating and reporting financial data of particular interest to global investors and regulators, including income statements, inventory valuations and development calculations.
To resolve differences in national accounting standards, the International Accounting Standards Board (IASB) is working with the Securities and Exchange Commission (SEC) toward convergence and harmonization of US GAAP rules with IFRS principles. With accounting standards rapidly shifting, companies are challenged to comply with all current and applicable regulations.
With nearly 50 years of global regulatory experience, and as one of the first companies to actively engage with the XBRL filing program, Merrill is uniquely qualified to help filers worldwide successfully navigate ever-changing global compliance requirements. With Merrill, you can manage regulatory disclosures with absolute security, precision and accuracy.