Georgetown Law
Georgetown Law Library

Accounting Research Guide

This guide features access to U.S. and International accounting standards.

International Accounting & Auditing Standards

International accounting and auditing standards are not binding in individual countries unless those countries' standards-setting bodies choose to make them so. However, the International Accounting Standards Board and International Federation of Accountants work with the standards-setting bodies of many nations, including the U.S., in order to promote the convergence of accounting and auditing standards worldwide. More than 90 countries now require the financial statements of publicly traded companies to be prepared in accordance with the IASB's International Financial Reporting Standards ("IFRSs") (see IFRS use in various countries).

I. International Accounting Standards Board ("IASB")

The IASB issues accounting standards in the form of pronouncements called International Financial Reporting Standards ("IFRSs") and Interpretations, both of which are available in the annual print publication International Financial Reporting Standards (2003 - ). Each annual volume contains the standards in effect as of January 1 of the year of issue.

II. International Accounting Standards Committee ("IASC", Defunct)

The IASC was the predecessor to the IASB. It issued pronouncements called International Accounting Standards, which are available in the print publication International Accounting Standards (coverage: annual volumes from 1991-2002 contain the standards in effect as of January 1 of the year of issue).

III. International Federation of Accountants ("IFAC")

The IFAC issues auditing standards in the form of pronouncements called International Standards on Auditing. These standards are available in the annual publication Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, which is available for download from the IFAC website.