The Association of International Accountants (AIA) is a professional body for accountants committed to promoting the idea of 'international accounting.' Established in the UK in 1928, AIA now boasts members in over 85 countries. Full members can be associates (AAIA) or fellows (FAIA) and are known as international accountants, being part of a Recognized Qualifying Body.
The International Federation of Accountants (IFAC) is a global network designed to strengthen the accountancy profession worldwide.
The term IFRIC stands for the International Financial Reporting Interpretations Committee, which is responsible for developing interpretive guidance on accounting issues under the International Financial Reporting Standards (IFRS).
The International Accounting Standards Committee (IASC) was an independent private-sector body that created and issued international accounting standards. Its purpose was to develop and promote international accounting standards through consensus-building. The IASC has since been replaced by the International Accounting Standards Board (IASB), under the International Financial Reporting Standards (IFRS) Foundation.
International Financial Reporting Standards (IFRS) are a set of international accounting standards issued by the International Accounting Standards Board (IASB) since 2001, aimed at creating consistent financial statements that are comparable across international boundaries.
Detailed examination of the various formats for profit and loss accounts as prescribed by the Companies Act, including required disclosures and considerations for international comparability.
Translation exposure, also known as accounting exposure, is a type of financial risk that results from the translation of an entity's assets and liabilities from one currency to another.
