Browse Definitions:
Definition

IFRS (International Financial Reporting Standards)

International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).

The goal of IFRS is 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. 

Having an international standard is especially important for large companies that have subsidiaries in different countries. Adopting a single set of world-wide standards will simplify accounting procedures by allowing a company to use one reporting language throughout. A single standard will also provide investors and auditors with a cohesive view of finances. 

Currently, over 100 countries permit or require IFRS for public companies, with more countries expected to transition to IFRS by 2015. Proponents of IFRS as an international standard maintain that the cost of implementing IFRS could be offset by the potential for compliance to improve credit ratings.

IFRS is sometimes confused with IAS (International Accounting Standards), which are older standards that IFRS has replaced.

See also:Financial Industry Regulatory Authority, generally accepted accounting principles (GAAP), Payment Card Industry Data Security Standard (PCI DSS), compliance validation

This was last updated in March 2011

Continue Reading About IFRS (International Financial Reporting Standards)

Start the conversation

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

  • cyborg anthropologist

    A cyborg anthropologist is an individual who studies the interaction between humans and technology, observing how technology can ...

  • RegTech

    RegTech, or regulatory technology, is a term used to describe technology that is used to help streamline the process of ...

  • conduct risk

    Conduct risk is the prospect of financial loss to an organization that is caused by the actions of an organization's ...

SearchSecurity

  • security

    Security, in information technology (IT), is the defense of digital information and IT assets against internal and external, ...

  • insider threat

    An insider threat is a malicious hacker (also called a cracker or a black hat) who is an employee or officer of a business, ...

  • virus (computer virus)

    A computer virus is malicious code that replicates by copying itself to another program, computer boot sector or document.

SearchHealthIT

  • HIPAA Privacy Rule

    The Standards for Privacy of Individually Identifiable Health Information, commonly known as the HIPAA Privacy Rule, establishes ...

  • HIPAA business associate agreement (BAA)

    Under the U.S. Health Insurance Portability and Accountability Act of 1996, a HIPAA business associate agreement (BAA) is a ...

  • telemedicine

    Telemedicine is the remote delivery of healthcare services, such as health assessments or consultations, over the ...

SearchDisasterRecovery

  • data recovery

    Data recovery restores data that has been lost, accidentally deleted, corrupted or made inaccessible. Learn how data recovery ...

  • disaster recovery plan (DRP)

    A company's disaster recovery policy is enhanced with a documented DR plan that formulates strategies, and outlines preparation ...

  • fault-tolerant

    Systems with integrated fault tolerance are designed to withstand multiple hardware failures to ensure continuous availability.

SearchStorage

  • Secure Digital card (SD card)

    SD cards use flash memory to provide nonvolatile storage. They are more rugged than traditional storage media and are used in ...

  • data storage

    In a computer, storage is the place where data is held in an electromagnetic or optical form for access by a computer processor.

  • flash storage

    Flash-based storage, based on flash memory, is used for data repositories, storage systems and consumer devices, such as USB ...

SearchSolidStateStorage

  • flash file system

    Flash file systems are designed specifically for memory devices. A well-designed flash device and flash file system ensure ...

  • IOPS (input/output operations per second)

    IOPS measures the maximum number of reads and writes to non-contiguous storage. It is not an actual benchmark since vendor ...

  • eMMC (embedded MultiMediaCard)

    An embedded MultiMediaCard (eMMC) is a small storage device made up of NAND flash memory and a simple storage controller.

SearchCloudStorage

  • RESTful API

    A RESTful application program interface breaks down a transaction to create a series of small modules, each of which addresses an...

  • cloud storage infrastructure

    Cloud storage infrastructure is the hardware and software framework that supports the computing requirements of a private or ...

  • Zadara VPSA and ZIOS

    Zadara Storage provides block, file or object storage with varying levels of compute and capacity through its ZIOS and VPSA ...

Close