View source for International Financial Reporting Standards

[[International Financial Reporting Standards]] (also known by its acronym; hereinafter, [[IFRS]]) is a group of accounting standards and procedures that if adopted by the [[United States]] could replace [[Generally Accepted Accounting Principles|GAAP]].


==Definitions==
According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
:[[International Financial Reporting Standards]]. A group of accounting standards and procedures that if adopted by the [[United States]] could replace [[Generally Accepted Accounting Principles|GAAP]].

==Related concepts==
*[[Bookkeeping]]. Recording, filing, and retrieving of [[financial data]], as well as producing those [[financial report]]s that are required by laws.

==Related coursework==
*[[Bookkeeping Quarter]]. 

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