International Financial Reporting Standards (IFRS) definition

The accounting and reporting standards developed by the International Accounting Standards Board (IASB). IFRS are used by business entities in most countries. The most notable exception is the U.S. where business entities follow U.S. GAAP, which is the generally accepted accounting standards promulgated by the Financial Accounting Standards Board. There is a goal to move toward the IFRS as the global standard; however, the transition is proving to be difficult.