IFRS

Definition of IFRS as it relates to Business, Accounting Principles, Accounting Standards

IFRS, or International Financial Reporting Standards, refers to a set of accounting principles and standards developed by the International Accounting Standards Board (IASB). These standards are designed to provide a global framework for how public companies prepare and disclose their financial statements. IFRS provides general guidance for the preparation of financial statements, rather than setting rules for industry-specific reporting. The standards are based on concepts that aim to ensure comparability, understandability, relevance, reliability, and comparability of financial information across all entities.

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