IFRSstandards

IFRS Standards, or International Financial Reporting Standards, are a set of accounting rules developed and maintained by the IFRS Foundation and the International Accounting Standards Board (IASB). They provide a global framework for preparing and presenting financial statements, with the aim of delivering high-quality, transparent, and comparable information to investors and other users.

Scope and adoption: IFRS Standards are used by many publicly accountable entities in jurisdictions around the world. Adoption varies by country; some require IFRS for domestic reporting, others permit or converge with national standards. IFRS are designed for general-purpose financial statements, including annual reports and interim reports.

Structure and components: The standards cover recognition, measurement, presentation, and disclosure. Notable standards include IFRS 9 for Financial Instruments, IFRS 15 for Revenue from Contracts with Customers, IFRS 16 for Leases, IFRS 17 for Insurance Contracts, and IFRS 1 for First-time Adoption. The IASB also issues IFRS Interpretations through the IFRIC and maintains the Conceptual Framework that underpins standard-setting. The IFRS Taxonomy supports digital reporting in XBRL.

Governance and process: IFRS Standards are issued by the IASB under the oversight of the IFRS Foundation. The standard-setting process involves consultation, exposure drafts, public comment, and due process before final amendments are issued.

Relation to past standards: IFRS replaces and supersedes many International Accounting Standards (IAS); many IAS standards remain in effect unless amended. The overall goal is to enhance comparability, consistency, and transparency of financial reporting across borders.