IFRSbased

IFRSbased refers to accounting, reporting or financial statements that are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IFRS Foundation and the International Accounting Standards Board (IASB). The term signals that the recognition, measurement, presentation and disclosure requirements of IFRS are observed in the financial statements.

Used widely in many jurisdictions, IFRSbased reporting is required or permitted for listed companies and, in some cases, for financial institutions or other entities. Companies may prepare IFRS-based statements for general purposes or as part of consolidated reporting for multinational groups.

Key features include comparability across entities and periods, alignment with IFRS rather than local rules, and reliance on IFRS standards for areas such as revenue, leases, financial instruments, and impairment. IFRS requires estimates and judgments, extensive disclosures, and regular updates as new standards are issued, which can affect the reported results and financial position.

Adoption often involves transition decisions, such as retrospective restatement of prior period figures or the use of specified exemptions. Ongoing IFRS-based reporting requires compliance with new or amended IFRS standards, applicable to the entity’s reporting year.

IFRS-based financial statements are commonly audited to provide assurance of IFRS compliance. Regulators, investors and lenders use IFRS-based reports for cross-border comparisons and to assess financial position, performance and cash flows. Compared with local GAAPs, IFRS provides a single global framework, though jurisdictional rules and disclosures can still influence presentation and interpretation.