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)

SearchCompliance
  • OPSEC (operations security)

    OPSEC (operations security) is a security and risk management process and strategy that classifies information, then determines ...

  • smart contract

    A smart contract is a decentralized application that executes business logic in response to events.

  • compliance risk

    Compliance risk is an organization's potential exposure to legal penalties, financial forfeiture and material loss, resulting ...

SearchSecurity
  • buffer overflow

    A buffer overflow occurs when a program or process attempts to write more data to a fixed-length block of memory, or buffer, than...

  • biometric verification

    Biometric verification is any means by which a person can be uniquely identified by evaluating one or more distinguishing ...

  • password

    A password is a string of characters used to verify the identity of a user during the authentication process.

SearchHealthIT
SearchDisasterRecovery
  • What is risk mitigation?

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business.

  • change control

    Change control is a systematic approach to managing all changes made to a product or system.

  • disaster recovery (DR)

    Disaster recovery (DR) is an organization's ability to respond to and recover from an event that affects business operations.

SearchStorage
  • What is RAID 6?

    RAID 6, also known as double-parity RAID, uses two parity stripes on each disk. It allows for two disk failures within the RAID ...

  • VRAM (video RAM)

    VRAM (video RAM) refers to any type of random access memory (RAM) specifically used to store image data for a computer display.

  • PCIe SSD (PCIe solid-state drive)

    A PCIe SSD (PCIe solid-state drive) is a high-speed expansion card that attaches a computer to its peripherals.

Close