International Financial Reporting Standards (IFRS), formerly known as International Accounting Standards, are a set of accounting standards formulated by the International Accounting Standards Board (IASB). To date, adoption of IFRS has become mandatory or been approved in 90 countries. In January 2005, the European Commission issued a regulation requiring about 8,000 listed companies in the European Union to compile IFRS-based financial statements. IFRS and the Generally Accepted Accounting Principles (GAAP) in the U.S. are the only two sets of accounting standards accepted globally. In 2002, the IASB and the U.S. Financial Accounting Standards Board agreed to cooperate in eliminating differences between the two standards.
Financial reporting standards and interpretations approved by the International Accounting Standards Board, and includes all International Accounting Standards and interpretations issued under the former International Accounting Standards Committee from time to time