International Financial Reporting Standards (IFRS) – Background, Requirements for Financial Statements and Disclosures, and Adoption Status

• By: Staff Editor
• Date: July 31, 2010

The International Financial Reporting Standards or IFRS are a set of financial reporting standards, interpretation and framework issued by the International Accounting Standards Board. Worldwide, a number of countries have adopted or are in the process of adopting these standards, making it mandatory for profit making entities to comply with them.

This article primarily describes the background, requirements for financial statements and disclosures, and the status of adoption of the IFRS in various countries.