IFRS2The IFRS Foundation has announced the publication of IFRS as global standards: a pocket guide 2014, which will be available to the public soon. What is IFRS? On May 17th 2006 a European Parliament and Council Directive came into force requiring all statutory audits to be carried out in accordance with international auditing standards as adopted by the European Commission. The Cyprus Government duly adopted International Financial Reporting Standards (IFRS) which are advocated by the International Accounting Standards Board (IASB), a non-profit association based in London. The IFRS has considerable differences from Generally Accepted Accounting Principles (US GAAP) used in the United States which is advocated by the FASB (Financial Accounting Standards Board) in the United States. However the two associations, IASB and FASB are cooperating and working together towards reconciling the two sets of standards. Thus, it is expected that at some point the differences between US and European accounting standards will be eliminated. IFRS: A Pocket Guide 2014 The aim of the pocket guide is to provide an overview of the adoption of IFRS in 130 countries and other jurisdictions around the world. These jurisdictions represent over 96 per cent of the world’s Gross Domestic Product (GDP). It includes summaries of the use of IFRS in these jurisdictions, providing a comprehensive picture of exactly where and how IFRS is used globally. The pocket guide is a must have for all who work or study within the financial sector. Eltoma Corporate Services – Accounting and Auditing Services It is the legal responsibility of management (Directors) to maintain proper accounting records that are free of material errors (either intentional or unintentional). Eltoma Corporate Services can provide full accounting and auditing services, please contact us for more information.