IFRS (International Financial Reporting Standards)

IFRS are principles-based Standards, Interpretations and the Framework (1989) adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS.

Companies in over 100 countries around the world use IFRS to prepare their financial statements. With many more countries in the process of IFRS transition (such as Brazil, Canada and India), the importance of these global accounting rules is growing all the time.

As part of our commitment we also make available (free of charge) a range of high quality IFRS tools and resources, including:

• IFRS News - a quarterly update summarizing recent developments in IFRS and offering insights into how these will affect you.
• example financial statements - examples of good practice in meeting the extensive presentation and disclosure requirements of IFRS.
• technical guides - guidance on the application of some of the more challenging aspects of IFRS with a focus on practical advice timed to coincide with the implementation dates of newer requirements.