International Financial Reporting Standards

Definitions

Accounting

  • plural noun an internationally agreed set of high-quality, understandable and enforceable global standards for financial reporting

Economics

  • A set of accounting standards set by the International Accounting Standards Board and required for use throughout Europe and parts of Asia, Africa and Latin America. Other countries have committed to adopt or converge toward these standards, and the United States permits non-US companies to report under them, although US companies use the Generally Accepted Accounting Priciples.
http://www.dictionarycentral.com/definition/international-financial-reporting-standards.html