International Financial Reporting Standards (IFRS) On its formation in April 2001 the IASB announced that the IASC

Foundation Trustees agreed that accounting standards issued by IASB would be designated International Financial Reporting Standards.On May 23rd 2002 the IASB issued published a press release announcing the publication of the Preface to International Financial Reporting Standards which provided a brief description of the purpose and function of the main structures of the new arrangements for setting global standards. The first IFRS was published in June 2003 (IFRS 1, Firsttime Adoption of International Financial Reporting Standards).

1.4 Definition