An Overview of International Financial Reporting Standards


  • Standards. International Accounting Standards (IASs) were issued by the IASC from 1973 to 2000. The IASB replaced the IASC in 2001. Since then, the IASB has amended some IASs and has proposed to amend others, has replaced some IASs with new International Financial Reporting Standards (IFRSs), and has adopted or proposed certain new IFRSs on topics for which there was no previous IAS. Through committees, both the IASC and the IASB also have issued Interpretations of Standards.
  • Compliance with Standards. Financial statements may not be described as complying with IFRSs unless they comply with all of the requirements of each applicable standard and each applicable interpretation.
  • Summaries of Standards. Click on an IAS or IFRS number below to go to an unofficial summary of the standard. Please remember that the summaries of IASs and IFRSs only cover highlights and are not a substitute for reading the entire standard. They should not be relied on for preparing financial statements. The summaries reflect the latest revisions to the standard (including some revisions whose adoption is permitted but not yet required) unless otherwise stated.
  • IASB Framework. While not a standard, the IASB Framework for the Preparation and Presentation of Financial Statements serves as a guide to resolving accounting issues that are not addressed directly in a standard. Moreover, in the absence of a standard or an interpretation that specifically applies to a transaction, IAS 8 requires that an entity 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. The IASB adopted the Framework in April 2001. It had originally been adopted by the IASC in 1989. Currently, the IASB is working on a Project to Revise the Framework.
  • Preface to IFRSs. Sets out IASB's objectives, the scope of IFRSs, due process, and policies on effective dates, format, and language for IFRSs.
  • Effective Dates. Click here for a Table of Effective Dates of Recent Standards.
  • How to Obtain.
    • The IASB publishes:
      • individual copies of its standards,
      • an annual "Bound Volume" of all existing standards and interpretations,
      • electronic IFRSs (eIFRS), and
      • a CD ROM with standards and Interpretations.
    • Publications and subscriptions may be ordered on IASB's website
    • In April 2009, the IASB began making available on its website, without charge, access to the versions of IFRSs (including interpretations) published in the most recent bound volume of IFRSs and the application guidance that is an integral part of those standards. Free registration is required. The illustrative examples, implementation guidance, and bases for conclusions that accompany, but are not part of, the standards are available only to subscribers. The free standards are available in English and several other languages. Each standard is a separate PDF file. You can access the standards on the IASB's Website:
    • When IASB standards are endorsed by the European Commission for use in the European Union, they (minus the non-mandatory guidance and bases for conclusions) are published in the Official Journal of the European Union in all of the EU languages. They Can Be Accessed Here.
    • Exposure drafts of proposed new or revised IFRSs may be downloaded from the IASB's website without charge during the comment period.
  • The term 'IFRSs'. The term International Financial Reporting Standards (IFRSs) has both a narrow and a broad meaning. Narrowly, IFRSs refers to the new numbered series of pronouncements that the IASB is issuing, as distinct from the International Accounting Standards (IASs) series issued by its predecessor. More broadly, IFRSs refers to the entire body of IASB pronouncements, including standards and interpretations approved by the IASB and IASs and SIC interpretations approved by the predecessor International Accounting Standards Committee. [On this website, consistent with IASB policy, we abbreviate International Financial Reporting Standards (plural) as IFRSs and International Accounting Standards (plural) as IASs.]
  • Interpretations. Click here for information about the Information about Interpretations of IASB Standards.
  • Technical Corrections. Click here for information about the IASB's Approach to Making Minor Technical Corrections to Its Standards.

International Financial Reporting Standard for Small and Medium-sized Entities

International Financial Reporting Standards

Preface to International Financial Reporting Standards

  • Preface to International Financial Reporting Standards

Framework for the Preparation and Presentation of Financial Statements

  • Framework for the Preparation and Presentation of Financial Statements

International Financial Reporting Standards

  • IFRS 1 First-time Adoption of International Financial Reporting Standards
  • IFRS 2 Share-based Payment
  • IFRS 3 Business Combinations
  • IFRS 4 Insurance Contracts
  • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
  • IFRS 6 Exploration for and Evaluation of Mineral Assets
  • IFRS 7 Financial Instruments: Disclosures
  • IFRS 8 Operating Segments
  • IFRS 9 Financial Instruments
  • IFRS 10 Consolidated Financial Statements
  • IFRS 11 Joint Arrangements
  • IFRS 12 Disclosure of Interests in Other Entities
  • IFRS 13 Fair Value Measurement

International Accounting Standards

  • IAS 1 Presentation of Financial Statements
  • IAS 2 Inventories
  • IAS 3 Consolidated Financial Statements - Originally issued 1976, effective 1 Jan 1977. Superseded in 1989 by IAS 27 and IAS 28
  • IAS 4 Depreciation Accounting - Withdrawn in 1999, replaced by IAS 16, 22, and 38, all of which were issued or revised in 1998
  • IAS 5 Information to Be Disclosed in Financial Statements - Originally issued October 1976, effective 1 January 1997. Superseded by IAS 1 in 1997
  • IAS 6 Accounting Responses to Changing Prices - Superseded by IAS 15, which was withdrawn December 2003
  • IAS 7 Statement of Cash Flows
  • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
  • IAS 9 Accounting for Research and Development Activities - Superseded by IAS 38 effective 1.7.99
  • IAS 10 Events After the Reporting Period
  • IAS 11 Construction Contracts
  • IAS 12 Income Taxes
  • IAS 13 Presentation of Current Assets and Current Liabilities - Superseded by IAS 1
  • IAS 14 Segment Reporting
  • IAS 15 Information Reflecting the Effects of Changing Prices - Withdrawn December 2003
  • IAS 16 Property, Plant and Equipment
  • IAS 17 Leases
  • IAS 18 Revenue
  • IAS 19 Employee Benefits
  • IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
  • IAS 21 The Effects of Changes in Foreign Exchange Rates
  • IAS 22 Business Combinations - Superseded by IFRS 3 effective 31 March 2004
  • IAS 23 Borrowing Costs
  • IAS 24 Related Party Disclosures
  • IAS 25 Accounting for Investments - Superseded by IAS 39 and IAS 40 effective 2001
  • IAS 26 Accounting and Reporting by Retirement Benefit Plans
  • IAS 27 Consolidated and Separate Financial Statements - Superseded by IFRS 10, IFRS 12 and IAS 27 (rev. 2011) effective 2013
  • IAS 28 Investments in Associates - Superseded by IAS 28 (rev. 2011) and IFRS 12 effective 2013
  • IAS 29 Financial Reporting in Hyperinflationary Economies
  • IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions - Superseded by IFRS 7 effective 2007
  • IAS 31 Interests In Joint Ventures - Superseded by IFRS 11 and IFRS 12 effective 2013
  • IAS 32 Financial Instruments: Presentation - Disclosure provisions superseded by IFRS 7 effective 2007
  • IAS 33 Earnings Per Share
  • IAS 34 Interim Financial Reporting
  • IAS 35 Discontinuing Operations - Superseded by IFRS 5 effective 2005
  • IAS 36 Impairment of Assets
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • IAS 38 Intangible Assets
  • IAS 39 Financial Instruments: Recognition and Measurement - Superseded by IFRS 9 effective 2013
  • IAS 40 Investment Property
  • IAS 41 Agriculture

IFRS Practice Statements

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