Browse Definitions :
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

Continue Reading About international financial reporting standards (IFRS)

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

SearchCompliance

  • risk assessment

    Risk assessment is the identification of hazards that could negatively impact an organization's ability to conduct business.

  • PCI DSS (Payment Card Industry Data Security Standard)

    The Payment Card Industry Data Security Standard (PCI DSS) is a widely accepted set of policies and procedures intended to ...

  • risk management

    Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings.

SearchSecurity

SearchHealthIT

SearchDisasterRecovery

  • call tree

    A call tree is a layered hierarchical communication model that is used to notify specific individuals of an event and coordinate ...

  • Disaster Recovery as a Service (DRaaS)

    Disaster recovery as a service (DRaaS) is the replication and hosting of physical or virtual servers by a third party to provide ...

  • cloud disaster recovery (cloud DR)

    Cloud disaster recovery (cloud DR) is a combination of strategies and services intended to back up data, applications and other ...

SearchStorage

Close