International Financial Reporting Standards (IFRSs) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.
The IASB is an independent accounting standard-setting body, based in London. It consists of 15 members from nine countries, including the United States. The IASB began operations in 2001 when it succeeded the International Accounting Standards Committee (IASC).
In mid 1973, the IASC was established. And from 1973 until 2000 IASC released a series of International Accounting Standards (IASs). In 2001 the IASC was replaced by the IASB and all new standards published since then have been issued as International Financial Reporting Standards (IFRSs).
IFRSs as the global accounting standard is referred to as principle-based standards, developing based on sound, clearly stated principles from which interpretation is necessary. This contrasts with sets of standards, like U.S generally accepted accounting principles (U.S GAAP), the national accounting standards of the United States, which contain significantly more application guidance and referred to as rules-based standards.
Prior to 2010, one annual bound volume of consolidated IFRSs standards was published by the IASB. In January 2010, the additional bound volume IFRS : Consolidated without early application, also known as the Blue Book, was launched. This new publication only consolidates those standards with an effective date no later than 1 January so excludes those not yet effective to non-early adopters. It includes IFRSs, IASs, IFRICs and SICs plus accompanying documents.
The existing IFRS bound volume, now known as the Red Book, is still published and follows the practice of previous years by consolidating all IFRSs issued at 1 January, including those with an effective date later than 1 January. It excludes IFRSs that are being replaced or superseded but remain applicable to non-early adopters. Part A contains IFRSs, IASs, IFRICs and SICs and Part B the accompanying documents.
For further information, read also : Knowledge Guide to IAS & IFRS. And, always get an update issues of IFRSs through : AICPA IFRS Resources