International Financial Reporting Standards - IFRS


International Financial Reporting Standards - IFRS
A set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board.

IFRS are sometimes confused with International Accounting Standards (IAS), which are the older standards that IFRS replaced. (IAS were issued from 1973 to 2000.)

The goal with IFRS is to make international comparisons as easy as possible. This is difficult because, to a large extent, each country has its own set of rules. For example, U.S. GAAP are different from Canadian GAAP. Synchronizing accounting standards across the globe is an ongoing process in the international accounting community.


Investment dictionary. . 2012.

Look at other dictionaries:

  • International Financial Reporting Standards — Tarptautiniai finansinės atskaitomybės standartai statusas T sritis turto vertinimas apibrėžtis Tarptautinės apskaitos standartų valdybos (TASV) išleisti standartai ir aiškinimai. Juos sudaro: 1) Tarptautiniai finansinės atskaitomybės standartai; …   Lithuanian dictionary (lietuvių žodynas)

  • International Financial Reporting Interpretations Committee — IFRIC A committee that assists the International Accounting Standards Board (IASB) by providing guidance on the application and interpretation of International Financial Reporting Standards. Its members are appointed by the trustees of the… …   Accounting dictionary

  • Financial Reporting Standards Board — (FRSB) is a board of New Zealand Institute of Chartered Accountants. Its objective is to develop, revise and maintain definite accounting standards and providing guidance through research bulletins or technical practice aids in all aspects of… …   Wikipedia

  • Financial Reporting Standards — (FRS) Accounting standards issued by the Accounting Standards Board (ASB). Related links Accounting Standards Board (ASB) …   Law dictionary

  • Financial Accounting Standards Board — Infobox Non profit Non profit name = Financial Accounting Standards Board Non profit Non profit type = founded date = 1973 founder = location = Norwalk, Connecticut origins = Board Members = Robert H. Herz, ChairmanGeorge J. Batavick,… …   Wikipedia

  • financial reporting standard — Rules and guidance on accounting practice and *disclosure in *financial statements. Along with legislation and custom, financial reporting standards (sometimes referred to as *accounting standards) are the foundation of *Generally Accepted… …   Auditor's dictionary

  • Financial Reporting Standard — Fiˌnancial ˈReporting ˌStandard abbreviation FRS noun [countable usually plural] ACCOUNTING in Britain, one of the rules about how a company s financial information must be shown, set by the accounting Similar rules in the US are the Generally… …   Financial and business terms

  • Financial Reporting Standard — Financial Reporting Standards (FRS) Accounting standards issued by the Accounting Standards Board (ASB). Related links Accounting Standards Board ( …   Law dictionary

  • Financial Accounting Standards Board — (FASB) The designated organisation in the private sector for establishing standards of financial accounting and reporting in the US. These standards govern the preparation of financial reports. They are officially recognised as authoritative by… …   Law dictionary

  • Financial Reporting Council — (FRC) A independent regulatory body which sets, monitors and enforces accounting and auditing standards; oversees the regulatory activities of the professional accountancy bodies; and promotes high standards of corporate governance. It provides… …   Law dictionary

  • Financial Reporting Review Panel — (FRRP) A body which examines apparent departures from the accounting requirements of the Companies Act 1985, including applicable accounting standards and if necessary, seeks a court order to remedy them. FRRP website …   Law dictionary


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.