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What is IFRS?

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International Financial Reporting Standards (IFRS) are the set of principles-based accounting standards, interpretations and framework developed by the International Accounting Standards Board (IASB) that serves as the global standard for the preparation of public company financial statements.  The IFRSs refer to the entire body of IASB pronouncements, including:

  • International Accounting Standards, originally issued before 2004;
  • International Financial Reporting Standards, issued as of 2004;
  • SIC Interpretations, issued before 2002;
  • IFRIC Interpretations, issued as of 2004; and
  • Other pronouncements.
IFRS Organization Structure
This image illustrates the IFRS organization structure and the relationship between the IFRS Monitoring Board and the IFRS Foundation and the IFRS Foundation to the IASB and the IFRS Interpretations Committe.

Source:

This image illustrates the IFRS organization structure and the relationship between the IFRS Monitoring Board and the IFRS Foundation and the IFRS Foundation to the IASB and the IFRS Interpretations Committe.

The IASB system requires of reporting entities the following financial statements and information:

Titles for the statements other than those above may also be used.

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