IFRS

I. Formal Definition

International Financial Reporting Standards, the global body of accounting standards developed and maintained by the International Accounting Standards Board. IFRS has been adopted by more than one hundred and forty jurisdictions and is the primary alternative to US GAAP. The federation requires IFRS-reporting members to identify the version applied, footnote material policy choices where IFRS allows alternatives, and reconcile non-IFRS measures to corresponding IFRS figures under UFMS-001:5.1. The federation maintains a published GAAP-to-IFRS crosswalk for cross-border accreditation continuity.

II. Etymology

Codified by the International Accounting Standards Board in 2001 as the successor to the International Accounting Standards issued from 1973 onward.

III. Federation Usage

Federation members reporting in IFRS identify the version and footnote material policy choices. Cross-border members maintain a GAAP-IFRS crosswalk in their accreditation evidence under MEV-Annex:6.1. The federation publishes the canonical crosswalk template for steward tier reference.

IV. Related Terms

• gaap
• accrual-accounting
• double-entry
• balance-sheet

V. Authoritative Citations

• UFMS-001:5.1UFMS Article V - International Standards
• MEV-Annex:6.1MEV Annex VI - IFRS Compliance

VI. Citation in BibTeX

@misc{ifo4_glossary_ifrs,
  title        = {{IFRS}},
  author       = {{IFO4 Federation Editorial Board}},
  howpublished = {{IFO4 Federation Glossary, slug \texttt{ifrs}}},
  year         = {2026},
  url          = {https://ifo4.org/glossary/ifrs},
  note         = {Category: Accounting; key: IFRS}
}

VII. Challenge This Definition

Federation members and accredited practitioners may challenge any entry under TGS-002:1.7. Filed challenges are routed to the editorial board, triaged into the revision register, and resolved in writing on the public docket. The slug remains stable through any revision.