IFRSstandaarden

IFRSstandaarden are the International Financial Reporting Standards used for financial reporting across many jurisdictions. They are issued by the IFRS Foundation and developed by the International Accounting Standards Board (IASB). The standards provide a global, principle-based framework for preparing and presenting financial statements, with a focus on consistency, comparability, and transparency.

The IFRS Foundation oversees the governance of the standards, while the IASB is responsible for the development and revision of the standards. IFRS standards are periodically updated and published as individual standards and interpretations. In addition to the core standards, the IFRS Foundation maintains the IFRS Taxonomy for digital reporting.

Scope and adoption: IFRS are mandatory for listed companies in many countries and are increasingly used for financial reporting by non-listed entities in some jurisdictions. In the European Union, IFRS has been required for the consolidated financial statements of listed companies since 2005. National requirements for other entities vary, with some countries allowing or mandating IFRS in certain circumstances. In the Netherlands, large groups often prepare their consolidated accounts under IFRS, while other entities may follow Dutch GAAP or other local rules for statutory reporting.

Notable standards and concepts: Key IFRS standards include IFRS 9 on financial instruments, IFRS 15 on revenue from contracts with customers, IFRS 16 on leases, and IFRS 17 on insurance contracts. There is also IFRS 1 First-time Adoption, and the IFRS for Small and Medium-sized Entities (IFRS for SMEs) which offers a simplified framework.

Characteristics: IFRS standards are generally principle-based, emphasizing economic substance over form and requiring extensive disclosures to enhance comparability across entities and borders.