IASBIFRS

IASBIFRS is not an official designation; it is sometimes used informally to refer to the combination of the International Accounting Standards Board (IASB) and the International Financial Reporting Standards (IFRS) it issues. The IASB operates under the oversight of the IFRS Foundation and is responsible for developing and issuing IFRS.

IFRS are high-quality, enforceable global accounting standards designed to bring transparency, accountability, and comparability to financial reporting. They are used in many jurisdictions for the external reporting of publicly listed companies and other entities, and they evolve through a due process that includes consultation and public comment.

Organization and process: Trustees oversee the IFRS Foundation; the IASB develops standards, guided by a due process that includes exposure drafts and public comment; the IFRS Interpretations Committee provides guidance on application issues.

Adoption and impact: IFRS adoption varies by jurisdiction; over 140 countries require or permit IFRS for domestic reporting; the United States continues to use US GAAP for most publicly traded companies, with some use of IFRS by foreign companies and optional adoption for others.

Scope and examples: IFRS address recognition, measurement, presentation, and disclosure; key standards include IFRS 9 (financial instruments), IFRS 15 (revenue), IFRS 16 (leases), IFRS 17 (insurance). IFRS Foundation also maintains the IFRS Taxonomy to support electronic reporting and publishes IFRS for SMEs.