The International Financial Reporting Standards (IFRS), are a set of global accounting standards developed by the International Accounting Standards Board for the preparation of public company financial statements. With well over 100 countries using them, they are fast becoming the global accounting language. Our member firm IFRS advisers can help you navigate the complexity of the Standards so you can focus your time and effort on running your business. Our IFRS system gives you a clear understanding of the project’s objective and of the work that needs to be done, enabling you to exert control over the project and transfer knowledge throughout the business.
1. What does IFRS stand for in accounting?
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).
2. Are IFRS mandatory?
IFRS Standards are required for use by all or most domestic publicly accountable entities. IFRS Standards are permitted, but not required, for use by at least some domestic publicly accountable entities, including listed companies and financial institutions
3. How widespread is the adoption of IFRS around the world?
Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully conformed to IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports