More into IFRS IFRS is the most widely used financial reporting standard, with over 100 countries

requiring or permitting the use of these standards.

IFRSs are issued by the International Accounting Standards Board (IASB), an independent accounting standard-setter based in London, UK, which assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC). The International Financial Reporting Interpretations Committee (IFRIC) is the interpretative body, which reviews widespread accounting issues that have arisen within the context of current IFRS, from time to time, and reaching a consensus on the appropriate accounting treatment and providing authoritative guidance on those issues. The IFRIC succeeded the Standing Interpretations Committee (SIC).

While broadly referred to as IFRS, the standards are comprised of the following literature: Conceptual Framework The framework for the preparation and presentation of financial statements sets out the concepts that underlie its financial reporting standards and interpretations and the preparation and presentation of financial statements for external users.

International Financial Reporting Standards The IASB publishes its Standards in a series of pronouncements called International Financial Reporting Standards. International Accounting Standards The IASB has also adopted the body of Standards issued by the Board of the IASC, which continue to be designated as International Accounting Standards (IAS). IFRIC interpretations These are interpretations issued by IFRIC and are subject to IASB approval and have the same authority as a standard issued by the IASB. SIC Interpretations These are interpretations issued by the SIC.