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International Financial Reporting Standards (IFRS)

See Also:
Financial Instruments
Finance Beta Definition
Generally Accepted Accounting Principles (GAAP)
Financial Accounting Standards Board (FASB)
Financial Ratios

International Financial Reporting Standards (IFRS)

The International Financial Reporting Standards (IFRS) are a set of rules and standards for preparing financial statements. An organization called the International Accounting Standards Board (IASB) issued the IFRS.

The goal of the IFRS is to standardize the regulations and procedures for financial statement preparation around the world. Currently, many countries have their own sets of standards for accounting rules and regulations for financial statement preparation. Furthermore, across the globe, many countries are beginning to conform to the IFRS.

IFRS standards apply to financial statements such as the balance sheet, the income statement, the statement of cash flows, a statement of owner’s equity, and accompanying notes to financial statements. Furthermore, the IFRS cover such things as underlying assumptions and qualitative characteristics of financial statement preparation. The IFRS also covers the basic elements of financial statements – assets, liabilities, equity, income, expenses – and the proper way to recognize these elements.


The IFRS were established in 2001. Prior to that date (from 1973 to 2001), the International Accounting Standards (IAS) were the set of rules and regulations recognized worldwide. Then the IAS was incorporated into the IFRS.

International Accounting Standards Board (IASB)

If you want more information regarding IASB and IFRS, then go to: iasb.org

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International Financial Reporting Standards

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International Financial Reporting Standards

Further reading

Original texts of IAS/IFRS, SIC and IFRIC adopted by the Commission of the European Communities and published in Official Journal of the European Union http://ec.europa.eu/internal_market/accounting/ias_en.htm#adopted-commission

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 1-4224-1813-8

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See Also:
Balance Sheet Definition
Income Statement
Cash Flow Statement
10 Q
Statement of Financial Accounting Standards (SFAS) Fiscal Period

10 K Definition

What does 10 K mean? A 10K is an annual cumulative financial statement required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934 for all publicly traded companies. The 10-K filing deadline for financial data is always due 90 days after the end of the fiscal year of that company. The form 10-k is often more extensive and comprehensive than the 10Q which is the quarterly filing required by the SEC.

10-K Meaning

A 10-K form requires that a company provide the following:

The 10 K form should also disclose any major changes made since the last financial filing. These disclosures may include a change from one accounting method to another, or a discussion of a contingent liability such as an ongoing litigation. The SEC also requires that a company provide relevant financial data from the exact same filing time during the past year. This makes information readily comparable from one period to the next. As a result, investors can have a good picture or idea of where the company is heading.

10 k, 10 K Definition, 10-k meaning

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