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Adoption of International Financial Reporting Standards

Tuesday, August 1, 2006

In July 2006, the International Accounting Standards Board announced steps to assist in adoption of International Financial Reporting Standards (IFRS). As part of the announcement, the IASB indicated that it will not require the application of new IFRSs under development or major amendments to existing standards before January 2009. In addition, the IASB intends to allow a minimum of one year between the date of the publication of wholly new IFRSs or major amendments to existing IFRSs and the date when implementation is required.