What is IFRS?

International Financial Reporting Standards, or IFRS, is the collection of financial reporting standards developed by the International Accounting Standards Board (IASB), a not-for-profit, privately-funded accounting standard setter.

Its objective is to develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards. Nearly 100 countries have adopted IFRS or are in the process of adoption or convergence.