International Financial Reporting Standards
/ˌɪntərˈnæʃənəl fəˈnænʃəl rɪˈpɔrtɪŋ ˈstændərdz/
Definitions
- (n.) A set of accounting standards developed and maintained by the International Accounting Standards Board (IASB) to ensure transparency, consistency, and comparability of financial statements across international jurisdictions.
Companies listed in multiple countries prepare their financial reports in accordance with International Financial Reporting Standards to ensure compliance and comparability.
Forms
- international financial reporting standards
- international financial reporting standard
Related terms
See also
Commentary
IFRS are critical in cross-border financial regulation and legal compliance, often referenced in legal contracts pertaining to financial disclosures.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.