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Generally accepted accounting principles (GAAP) refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards or standard accounting practice. These include the standards, conventions, and rules that accountants follow in recording and summarizing and in the preparation of financial statements.
Many countries use or are converging on the International Financial Reporting Standards (IFRS), established and maintained by the International Accounting Standards Board. In some countries, local accounting principles are applied for regular companies but listed or large companies must conform to IFRS, so statutory reporting is comparable internationally, across jurisdictions.
All listed EU companies have been required to use IFRS since 2005, Canada moved in 2009, Taiwan in 2013, and other counties are adopting local versions.
In the United States, while "...the SEC published a statement of continued support for a single set of high-quality, globally accepted accounting standards, and acknowledged that IFRS is best positioned to serve this role..." progress is less evident.
- ^ "AcSB Confirms Changeover Date to IFRSs". Canadian Institute of Chartered Accountants. 13 February 2008. Retrieved 8 August 2009.
- ^ "IFRS accounting measures to take effect for all listed companies in Taiwan in 2013", Ted Chen, The China Post, January 1, 2013
- ^ "NZ IFRS: 2011 volume"
- ^ "Financial reporting framework in Australia", Deloitte
- ^ a b "IFRS: Current situation and next steps", pwc.com
- ^ "New mechanisms eyed by FASB, IASB in long march toward global comparability", Ken Tysiac January 10, 2013, journalofaccountancy.com