What is international financial reporting standards (IFRS)? - Definition from WhatIs.com

Definition

international financial reporting standards (IFRS)

International financial reporting standards (IFRS) are specific organizational and monetary standards and frameworks for financial reporting that have been adopted in 113 countries including India, Australia and the European Union.

IFRS are created and regulated by the IFRS Foundation, an independent non-profit organization. The goals of the foundation are to develop and promote international standards in order to facilitate international communication and ameliorate financial reporting processes globally.

The standards set forth by IFRS make sure all relevant and important information is included in a quality financial statement. An IFRS financial statement must be understandable, reliable, comparable, relevant and truthful, while also providing all the data required. Since its standards are well-understood and trusted by investors worldwide, IFRS allows countries to compete on a global scale.

This was last updated in April 2011
Posted by: Margaret Rouse

Email Alerts

Register now to receive SearchCIO.in-related news, tips and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

More News and Tutorials

Do you have something to add to this definition? Let us know.

Send your comments to techterms@whatis.com