What does IFRS mean?

INTERNATIONAL FINANCIAL REPORTING STANDARDS

Internation financial reporting standards (IFRS) are applicable  internationally and are used to prepare financial fiancial statements to enhance understability,consistency,uniformity and comparability internationally.

INTERNATIONAL FINANCIAL REPORTING STANDARDS are designed for use of common language for business affairs so that company accounts made understandable and comparable across internationally. The consequence of growing international shareholding, trade and are specially important for companies are dealings in several countries. IFRS are  replacing many different international accounting standards. These rules to be followed by all accountants to maintain books of accounts according to standards all over the world for everybody which are easy to compare, understand, reliable and relevant for  internal or external.

Internation financial reporting standards   IFRS

IFRS is   simply abbreviated by  International  Financial Reporting  Standards. 

It stands for International Financial Reporting Framework.

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.

The IFRS includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.

So, the IFRS include

• International Financial Reporting Standards (IFRSs)—developed by the IASB;
• International Accounting Standards (IASs)—adopted by the IASB;
• Interpretations originated from the International Financial Reporting Interpretations Committee (IFRICs); and
• Standing Interpretations Committee (SICs).