IFRSIFRSlike

IFRSIFRSlike is a term used to describe accounting frameworks that are designed to be IFRS-like in structure and principles. It is not a single global standard, but a label applied to national or regional sets of standards that aim to align with IFRS while retaining jurisdiction-specific rules or interpretations. The term appears in scholarly debates and policy discussions about international financial reporting harmonisation and is sometimes used to denote convergence efforts rather than complete adoption of IFRS.

In practice, IFRSIFRSlike frameworks typically adopt the IFRS conceptual framework as a reference point, emphasize accrual accounting, faithful representation, relevance and materiality, and seek to improve comparability across entities. However, they may permit or require local adaptations on topics such as measurement, disclosure, or exemptions for small entities, and they may maintain separate tax or regulatory reporting requirements.

Relation to IFRS: IFRSIFRSlike standards are not IFRS themselves; they are designed to be highly compatible with IFRS. In some jurisdictions, the standards are fully converged or substantially equivalent to IFRS; in others, meaningful differences remain due to local policy choices, legal systems, or transitional arrangements.

Adoption and impact: Jurisdictions using IFRSIFRSlike frameworks generally aim to facilitate cross-border investment and improve comparability, while balancing domestic economic or regulatory needs. Adoption typically involves training, transition to new measurement bases, and implementation of new disclosures.

See also IFRS, IASB, International Financial Reporting Standards, National GAAP, Convergence.