International Financial Reporting Standards (IFRS) are Standards, Interpretations and the Framework (in the absence of a Standard or an Interpretation) adopted by the International Accounting Standards Board (IASB).

In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework. This elevation of the importance of the Framework was added in the 2003 revisions to IAS 8.

International Accounting Standard IAS 8, paragraph 11 provides:

In making the judgement, management shall refer to, and consider the applicability of, the following sources in descending order:

(a) the requirements and guidance in Standards and Interpretations dealing with similar and related issues; and
(b) the definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the Framework.

Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). In 2000 IASC Member Bodies approved IASC’s restructuring and a new IASC Constitution. In March 2001, IASC Trustees activated Part B of IASC’s new Constitution and established a non-profit Delaware corporation, named the International Accounting Standards Committee Foundation, to oversee the IASB. On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS.List of IFRS statements with full text links

List of IFRS statements with full text links

The following IFRS statements are currently issued:

List of Interpretations with full text links

  • Preface to International Financial Reporting Interpretations (Updated to January 2006)([67]Full Text)
  • IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities (Updated to January 2006)([68]Full Text)
  • IFRIC 7 Approach under IAS 29 Financial Reporting in Hyperinflationary Economies (Issued February 2006)([69]Full Text)
  • IFRIC 8 Scope of IFRS 2 (Issued February 2006)([70]Full Text)
  • IFRIC 9 Reassessment of Embedded Derivatives (Issued April 2006)([71]Full Text)
  • IFRIC 10 Interim Financial Reporting and Impairment (Issued November 2006)([72]Full Text)
  • IFRIC 11 IFRS 2-Group and Treasury Share Transactions (Issued November 2006)([73]Full Text)
  • IFRIC 12 Service Concession Arrangements (Issued November 2006)([74]Full Text)
  • IFRIC 13 Customer Loyalty Programmes (Issued in June 2007)([75]Full Text)
  • IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (issued in July 2007)([76]Full Text)
  • IFRIC 15 Agreements for the Construction of Real Estate (issued in July 2008)
  • IFRIC 16 Hedges of a Net Investment in a Foreign Operation (issued in July 2008)
  • IFRIC 17 Distributions of Non-cash Assets (issued in November 2008)
  • IFRIC 18 Transfers of Assets from Customers (issued in January 2009)
  • SIC 7 Introduction of the Euro (Updated to January 2006)([77]Full Text)
  • SIC 10 Government Assistance-No Specific Relation to Operating Activities (Updated to January 2006)([78]Full Text)
  • SIC 12 Consolidation-Special Purpose Entities (Updated to January 2006)([79]Full Text)
  • SIC 13 Jointly Controlled Entities-Non-Monetary Contributions by Venturers (Updated to January 2006)([80]Full Text)
  • SIC 15 Operating Leases-Incentives (Updated to January 2006)([81]Full Text)
  • SIC 21 Income Taxes-Recovery of Revalued Non-Depreciable Assets (Updated to January 2006)([82]Full Text)
  • SIC 25 Income Taxes-Changes in the Tax Status of an Entity or its Shareholders (Updated to January 2006)([83]Full Text)
  • SIC 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease (Updated to January 2006)([84]Full Text)
  • SIC 29 Disclosure-Service Concession Arrangements (Updated to January 2006)([85]Full Text)
  • SIC 31 Revenue-Barter Transactions Involving Advertising Services (Updated to January 2006)([86]Full Text)
  • SIC 32 Intangible Assets-Web Site Costs (Updated to January 2006)([87]Full Text)
  • SIC 33 Consolidation and equity method – Potential voting rights and allocation of ownership interests([88]Full Text)

Further reading

  • International Accounting Standards Board (2007): International Financial Reporting Standards 2007 (including International Accounting Standards (IAS(tm)) and Interpretations as at 1 January 2007), LexisNexis, ISBN 1422418138



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