International Financial Reporting Standards (IFRS)

IFRS is an international accounting framework providing a set of rules about how to organize and report financial information properly to make them consistent, transparent, and easily comparable around the world. IFRS is used primarily by businesses reporting their financial results around the world, except the United States (which uses GAAP).

The International Financial Reporting Standards covers revenue recognition, income taxes, inventories, intangible assets, employee benefits, and many more.