What Is IFRS? (And How It Compares to US GAAP)

In this video, you will learn about International Financial Reporting Standards (IFRS) in a simple and clear way. We break down the history from the IASC to the IASB, explain the IFRS Foundation governance structure, and provide a comprehensive walkthrough and summary of IFRS 1 through IFRS 8 with practical business examples. This lesson is designed for college business majors, accounting and finance students, CPA / ACCA candidates, and corporate financial analysts who want to understand global financial reporting standards and how they apply to public company balance sheets and income statements. Topics covered in this video: Overview of IFRS and the role of the IASB (London) Evolution from IAS (1973–2000) to IFRS (2001–Present) Governance structure: Monitoring Board, IFRS Foundation Trustees, IASB, Advisory Council, and Interpretations Committee IFRS 1: First-time Adoption of International Financial Reporting Standards IFRS 2: Share-based Payment (Stock Options & Equity Compensation) IFRS 3: Business Combinations (Acquisitions, Net Asset Fair Value & Goodwill) IFRS 4: Insurance Contracts (Liabilities & Policy Disclosures) IFRS 5: Non-current Assets Held for Sale & Discontinued Operations IFRS 6: Exploration for and Evaluation of Mineral Resources IFRS 7: Financial Instruments: Disclosures (Credit, Liquidity & Market Risk) IFRS 8: Operating Segments (Chief Operating Decision Maker & Division Reporting) This video is helpful for business majors, accounting students, CPA / ACCA / CFA exam prep, equity analysts, and anyone learning international financial reporting. Chapters / Timestamps: 00:00 Introduction: What Is IFRS? 00:24 History of IASC (1973) to IASB (2001) & IAS Standards 01:40 IFRS Governance & Board Structure (IASB & Trustees) 02:36 IFRS 1: First-Time Adoption of IFRS 04:53 IFRS 2: Share-Based Payment (Stock Options Accounting) 08:02 IFRS 3: Business Combinations & Goodwill 10:39 IFRS 4: Insurance Contracts 12:44 IFRS 5: Non-Current Assets Held for Sale & Discontinued Operations 15:10 IFRS 6: Exploration for & Evaluation of Mineral Resources 18:02 IFRS 7: Financial Instruments: Disclosures & Risk Management 21:40 IFRS 8: Operating Segments & Segment Reporting 24:37 Summary & Conclusion #IFRS #AccountingStandards #FinancialAccounting #IASB #CPAExam