Unaudited consolidated financial results, based on IFRS (International Financial Reporting Standards) for the quarter ending March 31, 2012, showed consolidated revenues of KRW 12.2 trillion (USD 10.8 billion) with an operating profit of KRW 448 billion (USD 396.1 million).

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International Financial Reporting Standards (IFRS) try to smooth the immediate costs of writing new business across several years.

ECONOMIST: Investors still struggle to understand Europe��s insurers

U., some of the U.S.' largest trading partners, including Canada, Australia and China, are moving closer to adopting the International Financial Reporting Standards (IFRS).

FORBES: Going Global With Accounting

Obviously if the derivative assets were included in the balance sheet as they are under the International Financial Reporting Standards (IFRS) rules, the price-to-book ratio would be significantly lower.

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On July 13th the staff of the Securities and Exchange Commission (SEC) released a long-awaited report on whether America should adopt international financial reporting standards (IFRS), which are accepted by over a hundred countries.

ECONOMIST: Global accounting standards

The prospects and desirability of convergence between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) have been much debated, but the SEC has not yet decided whether and how to proceed.

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T-Mobile USA results are included in the consolidated results of Deutsche Telekom, but differ from the information contained herein as, among other things, Deutsche Telekom reports financial results in Euros and in accordance with International Financial Reporting Standards (IFRS).

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Summary: Although convergence between US generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) has been the subject of much debate and collaborative effort, it is still unclear when the US Securities and Exchange Commission (SEC) will make a determination about how to proceed, or what its final decision is likely to be.

FORBES: Finance