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Principles of International Economic Law, 2nd Edition by Herdegen, Matthias (22nd September 2016)

Part IV International Business Law, XXVIII International Accounting Standards

From: Principles of International Economic Law (2nd Edition)

Matthias Herdegen

From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 22 October 2019

Subject(s):
International investment law — International monetary law — International trade — Standards of treatment

This chapter shows how international accounting standards are regulated. These standards play a crucial role for any internationally operating public company, and are the basis for international annual accounts and other financial statements. On a global level, the standards of the International Accounting Standards Board (IASB) enjoy broad recognition. The IASB, a private and independent organization, was set up in 2001 by organizations which represent accounting professions. The IASB has adopted the International Financial Reporting Standards (IFRS), which replace the International Accounting Standards (IAS) established by its predecessor body. The International Financial Reporting Interpretations Committee (IFRIC) adopts clarifying interpretations of the IFRS.

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