The Definition of IFRS

International Financial Reporting Standards (IFRS) is the term used in determining the standards, the framework, and the interpretation of the financial data into an appropriate report. IFRS used to be called International Accounting Standards (IAS) which was issued in the year of 1973 until 2001. The name was then changed into IFRS by the International Accounting Standards Board (IASB) after resuming the responsibility of the previous IASC (International Accounting Standards Comitee). Until now the IASB still thrive to add new standards to the IFRS.