IFRS Guidebook. 2019 Edition

In this chapter, we provide an introduction to the nature of IFRS, the IFRS conceptual framework, and how to use this book and other source materials to research IFRS topics. We also provide brief descriptions of the accounting principles upon which much of the IFRS elsewhere in this book is based. IFRS is short for International Financial Reporting Standards. IFRS is comprised of a group of accounting standards that have been developed over a number of years. IFRS is used by businesses to properly organize their financial information into accounting records and summarize it into financial statements, as well as disclose certain supporting information. One of the reasons for using IFRS is so that anyone reading the financial statements of multiple companies has a reasonable basis for comparison, since all companies using IFRS have created their financial statements using the same set of rules.