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International Financial Reporting Standards (IFRS) are Standards, Interpretations and the Framework adopted by the International Accounting Standards Board (IASB).
IFRSs are considered “principles based” set of standards in that they establish broad rules as well as dictating specific treatments.
International Financial Reporting Standards comprise:
* International Financial Reporting Standards (IFRS) – standards issued after 2001
* International Accounting Standards (IAS) – standards issued before 2001
* Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC) – issued after 2001
* Standing Interpretations Committee (SIC) – issued before 2001
Objective of financial statements
A framework is the foundation of accounting standards. The framework states that the objective of financial statements is to provide information about the financial position, performance and changes in the financial position of an entity that is useful to a wide range of users in making economic decisions, and to provide the current financial status of the entity to its shareholders and public in general.