IFRS stands for International Financial Reporting Standards. It is a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a common global framework for financial reporting.
IFRS is used by companies in over 120 countries around the world, including the European Union, Australia, and Canada. The standards provide guidance on how to prepare financial statements, including balance sheets, income statements, and cash flow statements, and cover a range of topics such as revenue recognition, inventory valuation, and financial instrument accounting.