As international accounting standards, the IFRS enable internationally comparable annual and consolidated financial statements.
What’s it all about?
- What are the IFRS?
- What IFRS are there?
What are the IFRS?
The IFRS (International Financial Reporting Standards) are international accounting standards published by the IASB (International Accounting Standards Board). Companies that are legally assigned to a European Union member state and whose securities are admitted for trading must prepare their balance sheet in accordance with the IFRS. The standards ensure internationally comparable annual and consolidated financial statements, independent of national laws.
What IFRS are there?
In total, there are 17 IFRS:
- IFRS 1: first-time adoption of international financial reporting standards
- IFRS 2: share-based payment
- IFRS 3: business combinations
- IFRS 4: insurance contracts
- IFRS 5: non-current assets held for sale and discontinued operations
- IFRS 6: exploration for and evaluation of mineral resources
- IFRS 7: financial instruments: disclosures
- IFRS 8: operating segments
- IFRS 9: financial instruments
- IFRS 10: consolidated financial statements
- IFRS 11: joint arrangements
- IFRS 12: disclosure of interests in other entities
- IFRS 13: fair value measurement
- IFRS 14: regulatory deferral accounts
- IFRS 15: revenue from contracts with customers
- IFRS 16: leases
- IFRS 17: insurance contracts