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Accounting
IFRS
International Financial Reporting Standards — the global set of accounting rules used by most large companies.
IFRS is issued by the IASB and is used in over 140 countries. It focuses on principles rather than strict rules, giving companies some judgement but requiring clear disclosure. It is different from US GAAP.
It's the international language of accounting that lets investors in London, New York, and Tokyo understand the same numbers.
Real world: A multinational company listed on the London Stock Exchange must prepare its accounts using IFRS so global investors can compare it with competitors in other countries.
💡 IFRS is the global standard that makes accounting truly international.