December 8, 2022

What Are International Financial Reporting Standards (IFRS)?

International Financial Reporting Standards (IFRS) are a set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent, and easily comparable around the world. IFRS currently has complete profiles for 166 jurisdictions. including those in the European Union.1 The United States uses a different system, the Generally Accepted Accounting Principles (GAAP).

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