International Financial Reporting Standards (IFRS)

International Financial Reporting Standards are, according to the IFRS Foundation that was established to develop them, a single set of high-quality, understandable, enforceable and globally accepted accounting standards. The standards are set by the International Accounting Standards Board, the Foundation’s standard-setting body. Companies applying IFRS give analysts, investors and other market participants a way of comparing financial statements on a like-for-like basis, enhancing transparency and efficiency and minimising information gaps.