International Financial Reporting Standards (IFRS) were established in 1973 by the International Accounting Standards Board to serve as global accounting standards. IFRS are principle-based standards that emphasize economic reality over legal form and include International Accounting Standards, International Financial Reporting Standards, and interpretations issued by the Standing Interpretation Committee and International Financial Reporting Interpretation Committee. IFRS utilize fair valuation and apply to both separate and consolidated financial statements.

1. International Financial
Reporting Standards (IFRS)

2. IFRS recognised as Global Accounting Standards today
were issued by International Accounting Standards Board
(IASB) in 1973.

3. COMPOSITION OF IFRS
IAS: International Accounting Standards
IFRS: International Financial reporting Standards.
SIC: Interpretations by Standing Interpretation
Committee on IAS
IFRIC: Interpretations by International Financial
Reporting Interpretation Committee on IFRS.

4. Principal based standards

5. Gives importance to economic reality. Follows the concept
of substance over form

6. It has a fair valuation approach

7. Applicable to separate and consolidated financial statements.

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