IASIFRS

IASIFRS is a colloquial term used to describe the set of international accounting standards governing financial reporting, encompassing both International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). These standards are issued by the IFRS Foundation with oversight by the International Accounting Standards Board (IASB). Since the IASB's formation in 2001, IFRS has become the primary framework for financial reporting in many jurisdictions, while existing IAS remain in effect unless superseded by IFRS.

The IASB operates through a due process that includes exposure drafts, public consultation, and rigorous technical evaluation. IFRS cover recognition, measurement, presentation, and disclosure requirements across topics such as revenue, financial instruments, leases, impairment, and business combinations. IFRS Interpretations Committee issues interpretations to clarify application.

Adoption: IFRS is used, or mandated, by more than 140 jurisdictions. The European Union requires IFRS for the consolidated financial statements of listed companies; many other economies require IFRS or permit its use for statutory reporting. In some places, local GAAP remains in use for non-listed entities or domestic reporting. The United States continues to rely on US GAAP for domestic issuers, with limited allowances for foreign private issuers to file IFRS-based statements under certain conditions. Convergence efforts between IASB and national standard-setters have reduced differences, though some divergences remain.

Impact: IFRS aims to improve comparability and transparency of financial statements globally, while presenting challenges related to cost, ongoing updates, and interpretation.