IFRS

• International Financial Reporting Standard

• anglo-saxon tradition → Accounting Traditions

• https://ifrs.org

• issued by IASB (International Accounting Standards Board)

  • 14 accounting professionals
    • mostly comprised of The Big 4

• single set of global accounting and reporting standards

• IAS → older

• IFRS → recent

• current IFRS Standard: 15

Variations of GAAP

Info

GAAP = generally accepted accounting practices

• National GAAP

• US GAAP

• IFRS GAAP

• complete national GAAP can also be mixed

Depreciation

• normally nationally regulated
• in IFRS “under management judgement”
  • are placed within report

Revenue Recognition

I sold something, when can I add this to my books?

• as soon as one is “entitled” to received money at a later time
  • i.e. it is guaranteed by law that I will received money