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Accounting & Tax vocabulary · Reporting Standards

IFRS

Meaning in accounting & tax, with examples

abbreviationCommon term

In accounting & tax, IFRS means: International Financial Reporting Standards: the global accounting rules issued by the IASB and required for listed companies in more than 140 jurisdictions.

In Turkish: UFRS, Uluslararası Finansal Raporlama Standartları, TFRS

How it is used

Companies report under IFRS or convert from local GAAP to IFRS. Standards are named by number, for example IFRS 15 on revenue and IFRS 16 on leases; older standards are called IAS. Usually said letter by letter.

Example sentences

  1. We keep our statutory books under Turkish tax rules and do our group reporting under IFRS.

  2. Under IFRS 16, most leases now appear on the balance sheet.

Common collocations

  • report under IFRS
  • IFRS adjustments
  • IFRS conversion
  • IFRS financial statements
  • GAAPGenerally Accepted Accounting Principles: the set of accounting rules used in a particular country, most often meaning US GAAP, set by the FASB.
  • fair valueThe price that would be received to sell an asset, or paid to transfer a liability, in a normal transaction between market participants on a given date.
  • consolidated financial statementsFinancial statements that combine a parent company and all the subsidiaries it controls as if they were one single business.
  • going concernThe assumption that a business will continue operating for the foreseeable future, at least twelve months, rather than being closed down or sold off.

More terms: Reporting Standards

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This page explains English vocabulary for learners. It is not financial advice.