IFRS


Also found in: Dictionary, Medical, Acronyms, Encyclopedia.

IFRS

International Financial Reporting Standards

A system for standardizing accounting practices across the world. International Financial Reporting Standards are issued and interpreted by the International Accounting Standards Board. Though it has no authority to enforce its rulings, a number of jurisdictions, including the European Union, Singapore, and the Gulf Cooperation Council follow its guidelines anyway. The IFRS replaced the International Accounting Standards in 2001.
References in periodicals archive ?
Operating profit declined 21 percent YoY to pound 0.83 billion (IFRS), up 11 percent (non-IFRS) and up 8 percent (non-IFRS at constant currencies).
SAP had a solid performance in the EMEA region with cloud and software revenue increasing 11% (IFRS) and 11% (non-IFRS at constant currencies).
AJMS with its extensive experience in effectively assisting companies to monitor and manage risk & compliance with regulatory requirements will drive the product blueprinting for the new IFRS 17 solution being developed by Beyontec.
implementing the new IFRS standards as an opportunity to transform their business, with a focus on process optimisation (identified by 77pc), actuarial process enhancement (65pc) and system modernisation (58pc).
Early research by Thomas (2009) emphasized the need of colleges and universities to respond to the challenges of teaching IFRS and integrate IFRS into their curricula.
Using IFRS promotes accuracy in preparing the financial statements of a business.
Accountants working on such an analysis are likely to run into competitors, buyers, and suppliers that report their financial results in IFRS. Given the speed needed in M&A deals, financial reporting differences take on a higher level of intensity.
Liu (2009) and Liu and O'Farrell (2010) found significant differences between IFRS reported net income and net assets and US-GAAP reported values for the same company during the 20042006 period.
The majority of companies (over 80 %) did not use IFRS in their reporting and do not plan to use it in the future.
The recent announcement that India is on track towards adopting the International Financial Reporting Standards (IFRS) is a welcome news, as it will help the country to attract foreign investment.