IFRS

(noun)

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

Related Terms

Examples of IFRS in the following topics:

  • Day-to-Day Needs

    • The International Financial Reporting Standards (IFRS) defines operating cash flow as cash generated from operations less taxation and interest paid, investment income received and less dividends paid.

  • Assets

    • The following is a quotation from the IFRS Framework:

  • Consumers of Accounting Information

    • Other rules include International Financial Reporting Standards, or IFRS, or U.S.

  • Usage of Accounting Information

    • The International Financial Reporting Standards, or IFRS, provides another set of accounting rules.

  • Why an accounting system is important

    • According to their website, their mission "is to develop, in the public interest, a single set of high quality, understandable and international financial reporting standards (IFRSs) for general purpose financial statements" (IASB 2009).