What is 'recycling' in IFRS and what does it mean?

Normally, the Income Statement (Profit & Loss) showing the results of managing the company's assets and liabilities in given period or operation cycle. read more

As usual, the best way to get a feel for the process is with an example. In year one, an entity makes a forex gain of $60m on a new foreign operation and a ppe revaluation gain of $60m on the rise in the value of the new factory. read more

Companies need to convert to IFRS if they are a subsidiary of a foreign company that must use IFRS, or if they have a foreign investor that must use IFRS. The biggest difference between U.S. GAAP and IFRS is that IFRS provides much less overall detail. read more

The IASB is the standard setting body responsible for the development of International Financial Reporting Standards. Ernst & Young has issued a financial reporting booklet for first-time adoption of International Financial Reporting Standards. IBM has posted information about their ability to provide support for converting to IFRS. read more