International Financial Reporting Standards (IFRSs) are Standards and Interpretations adopted by the InternationalAccounting Standards Board (IASB). They comprise:
(a) International Financial Reporting Standards;
(b) International Accounting Standards; and
(c) Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC).
Sources:
- IAS 1 Presentation of Financial Statements
- IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
- IFRS 1 First-time Adoption of International Financial Reporting Standards
