EU-adopted IFRS (International Financial Reporting Standards) are the IFRS standards as issued by the International Accounting Standards Board and adopted for use within the European Union. These standards may differ in details from the global IFRS.
The European Financial Reporting Advisory Group (EFRAG) was established in 2001 to advise the European Commission on the use of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) within the EU. It coordinates the views of preparers and users of financial statements as well as accounting professionals and represents these to both the Commission and the International Accounting Standards Board (IASB).
A form of accounting in which assets are measured at their current market price, recognizing all changes in value within the profit and loss account, differing from traditional historical-cost accounting by recording unrealized gains.
An abbreviation for International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs) which provides simplified financial reporting standards for small to medium-sized entities.
The IFRS Foundation is a not-for-profit organization responsible for the development and oversight of the International Financial Reporting Standards (IFRS). These standards provide a common global language for financial reporting, ensuring transparency, accountability, and efficiency in financial markets worldwide.
The London-based privately funded organization responsible for developing a single set of high-quality, understandable International Financial Reporting Standards (IFRS) for general-purpose financial statements.
International Financial Reporting Standards (IFRS) are a set of accounting rules that standardize how businesses report their financial outcomes globally, ensuring transparency, accountability, and efficiency in financial markets.
UK GAAP refers to the practices followed by British accountants in preparing company accounts, governed by accounting standards, theoretical accounting concepts, and legal requirements. These are increasingly critical in determining taxable profits.
