IFRS: International Financial Reporting Standards, a financial reporting standard adopted widely outside of the US

  • US companies primarily report under Generally Accepted Accounting Principles; however, IFRS is an optional reporting method in some instances
  • Principles based system
  • Extraordinary income not segregated on income statement
  • No LIFO inventory permissible
  • Development costs may be capitalized under certain criteria


Learn accounting with the free app

Accounting Flashcards

Accounting Flashcards includes a translate button for English, Chinese, and Spanish.

Learn financial accounting using beautifully illustrated flashcards, coordinated lessons, and rich audio. Whether you are an aspiring CPA or IFRS expert, use this accountancy app to reach your goals. Even an aspiring chartered accountant or those reaching for the CPA Australia can benefit. Topics of accounting standards, equation, terms, ratios, and more are covered.


Get the PDF book here



« Back to Glossary Index