Necessarily known; that international standards of accounting and auditing are issued without taking into account; internal environmental requirements of the States, on the basis that it is difficult to achieve environmental compatibility between countries; therefore, each state must take into account their own environmental conditions.
IAS are of principles based approach; GAAP used to be more towards rules. Application of principles and substance makes IAS adaptable to fit different environments.
I want to add some comments ,now plus to IAS International Financial Reporting standards are their 15 standards to achieve environmental compatibility between countries and to be standards for all countries over the world.
The International Financial Reporting Standards (IFRS) only included indirectly the measurement and recognition of assets and environmental provisions, but such standards do not emphasize specifically in the treatment of environmental issues.
There was a standard issued by the Interpretations Committee of the IASB that dealt specifically with the environment. It was the IFRIC 3 Emission rights, adopted in December 2004 and withdrawn by the IASB itself in July 2005.
Currently, the more specific is the standard IFRS 37 which addresses the recognition and measurement of environmental provisions.
Best regards,
Alicia
I believe the Environment Protection Agency (EPA) law of each country (or state) should be applied within the country's borders. In countries where there is no such law or the relevant law does not cover a specific environmental issue, other similar rules found in IAS, GAAP, etc. may be applied. That is, the priority is for the respective country's EPA law to be considered.
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