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Home > QFINANCE Dictionary > Definition of International Financial Reporting Standards

Definition of

International Financial Reporting Standards

Accounting

standards for preparing financial statements a set of rules and guidelines established by the International Accounting Standards Board for standardizing the preparation of financial statements so that investors, organizations, and governments have a basis for comparison.

Related definitions of "International Financial Reporting Standards"

Recommended Further Reading (Term count)
  • Key Accounting Standards and Organizations
    Accounting standards are rules according to which accounting statements have to be prepared. They demand minimum levels of disclosure, establish fundamental principles, delineate the meanings of terms, and stipulate how numbers must be calculated. Accounting standards vary not only between countries but also between industries.The financial situation and operations of a business are reported through accounting statements, which are generally...
  • International Financial Reporting Standards (IFRS): The Basics
    This checklist provides a snapshot of the IFRS—International Financial Reporting Standards—and its growing global significance.
  • The Rationale of International Financial Reporting Standards and Their Acceptance by Major Countries
    by Véronique Weets
    Why Financial Reporting Needs to Be HarmonizedAlthough basic accounting principles such as the accrual basis and the going-concern assumption are widely accepted, the application of these principles in different economic and cultural environments has led to significant differences in how accountants report similar transactions. Local differences exist in, for example, the treatment of goodwill, the definition of a group, treatment of borrowing...
  • Performance Reporting under IFRS
    by Peter Casson
    Financial statements prepared under International Financial Reporting Standards (IFRS) include a statement of comprehensive income which, together with associated notes, report a company’s performance for the accounting period. The International Accounting Standards Board (IASB), an independent body, sets the IFRS. The IASB took over responsibility for setting international accounting standards from the International Accounting Standards...

Definitions of ’International Financial Reporting Standards’ and meaning of ’International Financial Reporting Standards’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’International Financial Reporting Standards’ and other financial terms with our online QFINANCE Financial Dictionary.

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