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.

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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:

  • A statement of financial position (balance sheet) at the end of the period.
  • An income statement and other comprehensive income for the period;
  • A statement of changes in equity for the period;
  • A statement of cash flows for the period;
  • Notes summarizing the reporting entity’s accounting policies and other explanatory notes; and
  • A statement of financial position of at the beginning of the earliest comparative period when a firm retrospectively applies an accounting policy or restates or reclassifies items in its financial statements.

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

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