IFRS

International Financial Reporting Standards are a set of rules and guidelines prescribed by the International Accounting Standards Board which are intended to bring a basic level of consistency to financial reporting and allow investors to compare the performance of different companies more easily. More than 100 countries currently use IFRS, allowing many companies with operations in a variety of countries to use the same accounting standards throughout their business. However, the US does not allow companies to report in IFRS and insists they use the GAAP standards instead.

This definition is for general information purposes only