International Financial Reporting Standards

International Accounting Standards (IAS), now renamed International Financial Reporting Standards (IFRS), are gaining acceptance worldwide.
International Financial Reporting Standards (IFRS) are principles-based Standards, Interpretations and the Framework (1989) adopted by the International Accounting Standards Board (IASB).
Countries that have Adopted IFRS

Africa:
Botswana, Egypt, Ghana, Kenya, Malawi, Mauritius, Mozambique, Namibia, South Africa, Tanzania
Americas:
Bahamas, Barbados, Brazil (2010), Canada (2011), Chile (2009), Costa Rica, Dominican Republic, Ecuador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Panama, Peru, Trinidad and Tobago, Uruguay, Venezuela
Asia:
Armenia, Bahrain, Bangladesh, Georgia, Hong Kong, India (2011), Israel, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Lebanon, Nepal, Oman, Philippines, Qatar, Singapore, South Korea (2011), Sri Lanka (2011), Tajikistan, United Arab Emirates
Europe:
Austria, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Russia, Serbia, Slovakia, Slovenia, Spain, Sweden, Turkey, Ukraine, United Kingdom
Oceania:
Australia, Fiji, New Zealand, Papua New Guinea
Components of IFRS financial statements:
Formats-To show specific items on the face of the primary IFRS financial statements.

Compliance with IFRS-Financial Statements complying with the IFRS should disclose the fact
For First time adoption of IFRS-The entity adopting IFRS for the first time should prepare financial statements(including comparatives) at the reporting date for the first IFRS financial statements.
The set of financial statements under IFRS

• Accounting Policies
• Statement of Comprehensive Income
• Balance Sheet
• Cash Flow Statement
• Statement of changes in Equity
• Notes on Accounts Need for IFRS
• Level of confidence: The key benefit will be common accounting system that is perceived as stable, transperant and fair to investors across the world.
• Risk Evaluation: IFRS will eliminate the barriers to cross-border listings and will be beneficial for investors who generally ascribe a risk premium if the underlying financial information is not prepared in accordance with international standards
• Merger and Takeover Activity: Cross-border mergers and acquisitions will get a boost by making it easier for the parties involved in as far as redrawing the financial statements is concerned.
• Investments: Foreign investors will be attracted to economies where IFRS-complaint financial statements are the norm.
Expected Benefits
(1) More efficient formulation of domestic accounting standards, improvement of their international image, and enhancement of the global rankings and international competitiveness of our local capital markets;
(2) Better comparability between the financial statements of local and foreign companies;
(3) No need for restatement of financial statements when local companies wish to issue overseas securities, resulting in reduction in the cost of raising capital overseas;
(4) For local companies with investments overseas, use of a single set of accounting standards will reduce the cost of account conversions and improve management efficiency.

Information Source:
http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards
http://catuts.com/ifrs-introduction/
http://www.ftkmc.com/newsletter/Vol1-3-apr5-2010.pdf