IFRS
Business & Finance abbreviation · Accounting
| Stands for | International Financial Reporting Standards |
|---|---|
| Categories | Business & Finance |
IFRS stands for International Financial Reporting Standards, an accounting abbreviation.
Global set of accounting standards issued by the International Accounting Standards Board (IASB) and required or permitted for listed companies in more than 140 jurisdictions, including the European Union, the UK, Australia, Canada and Brazil. IFRS aims to make financial statements comparable across countries.
Example: The Dutch group's annual report is prepared under IFRS as adopted by the European Union.
Usage notes
Pronounced as letters or "eye-furs." The EU required IFRS for the consolidated accounts of listed companies from 2005. The United States has not adopted IFRS for domestic companies, although the SEC has accepted IFRS filings from foreign private issuers without reconciliation since 2007. Individual standards are numbered, such as IFRS 15 (revenue) and IFRS 16 (leases).
Related abbreviations
More accounting abbreviations
- H1 – First half
- H2 – Second half
- HTM – Held to maturity
- IAS – International Accounting Standards
- IASB – International Accounting Standards Board
- ICFR – Internal control over financial reporting
- IPSAS – International Public Sector Accounting Standards
- JE – Journal entry
- LCM – Lower of cost or market
- LIFO – Last in, first out
- MD&A – Management's discussion and analysis
- MoM – Month over month