What is IFRS?

IFRS, or International Financial Reporting Standards, are a set of accounting standards developed by the IFRS Foundation and its standard-setting body, the International Accounting Standards Board (IASB). They are designed to bring consistency to accounting practices globally, enabling better comparison of financial statements across different countries and companies. IFRS specifies how companies should maintain and report their accounts, covering areas such as balance sheets, income statements, cash flow statements, and statements of changes in equity. They are commonly used by publicly traded companies in many countries around the world as the basis for preparing their financial statements.