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International Financial Reporting Standards
International Financial Reporting Standards (IFRS)Accounting standards differ across countries making it difficult for investors to understand the financial health of corporations in different countries. Countries are gradually adapting the International Financial Reporting Standards proposed by the International Accounting Standards Board (IASB).International Financial Reporting StandardsA system for standardizing accounting practices across the world. International Financial Reporting Standards are issued and interpreted by the International Accounting Standards Board. Though it has no authority to enforce its rulings, a number of jurisdictions, including the European Union, Singapore, and the Gulf Cooperation Council follow its guidelines anyway. The IFRS replaced the International Accounting Standards in 2001.AcronymsSeeIFRF |