IFRS

(noun)

International Financial Reporting Standards; designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

Related Terms

(noun)

International Financial Reporting Standards. The major accounting standards system used outside of the United States.

Related Terms

Examples of IFRS in the following topics:

  • Cash Flow from Operations

    • One major difference between GAAP and IFRS is how interest paid is categorized.
    • Under IFRS, it is possible to categorize both as financing cash flows.
    • All of the major operating cash flows, however, are classified the same way under GAAP and IFRS.
    • Some transactions may be classified as different types of cash flows under GAAP and IFRS accounting standards.

  • Extraordinary Gains and Losses

    • No items may be presented in the income statement as extraordinary items under IFRS regulations, but are permissible under US GAAP.
    • This income statement is a very brief example prepared in accordance with IFRS; no extraordinary items are presented.

  • Reporting of Financial Statement Analysis

    • The reporting of financial statement requires conformity to GAAP in the US and IFRS internationally.
    • There has been a recent push in the US to adopt IFRS to replace GAAP.
    • IFRS is designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
    • IFRS financial statements are required to consist of:

  • Other Comprehensive Income

    • Some IFRSs (international financial reporting standards) require or permit that some components be excluded from the income statement and instead be included in other comprehensive income.