IFRS

Browse all terms in Glossary

Definition

IFRS (International Financial Reporting Standards) is a set of rules or standards for accounting set by the IASB (International Financial Standards Board). IFRS are widely used outside of the US. They are followed in the European Union, Australia, and Hong Kong. Many US based accounting firms have begun to adopt IFRS in addition to GAAP.

Related Terms

Accounting, GAAP

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