IFRS: International Financial Reporting Standards, a financial reporting standard adopted widely outside of the US

  • US companies primarily report under Generally Accepted Accounting Principles; however, IFRS is an optional reporting method in some instances
  • Principles based system
  • Extraordinary income not segregated on income statement
  • No LIFO inventory permissible
  • Development costs may be capitalized under certain criteria
N_15F_IFRS

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