International Financial Reporting Standards (IFRS)
International Financial Reporting Standards or IFRS, are a set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent, and easily comparable around the world. The standards are promulgated by the International Accounting Standards Board (IASB). They were issued as part of a reform agenda following several decades in which there had been increasing divergence between international and national accounting rules.IFRS is a set of rules that govern how companies report their financial information. It is the framework used by a growing number of countries, including all EU countries, as well as many other major economies. The standards are updated periodically to keep pace with business practices and changes in the global economy. IFRS can be adopted voluntarily or mandated by legislation.IFRS are an accepted set of accounting principles used in most countries around the world. They were created by the International Accounting Standards Board (IASB), which is a private-sector body whose members are drawn from national accounting standard setters, regulators and business.
