IFRS

International Financial Reporting Standards

IFRS is a set of global accounting standards used by many countries outside the United States. It aims to make financial reporting consistent and transparent across borders, compared with GAAP.

IFRS is issued by the International Accounting Standards Board (IASB). Multinational companies often report under IFRS for global comparability.

Related Terms

GAAP

Generally Accepted Accounting Principles

GAAP is a set of accounting standards and rules used for financial reporting in the United States. I...

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities, and sharehold...

Income Statement

An income statement is a financial statement that summarizes revenue, expenses, and profit over a sp...

CPA

Certified Public Accountant

A CPA is a professional designation for accountants who have passed the Uniform CPA Examination and ...

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