IFRS
Abbreviation for International Financial Reporting Standard: International accounting standards for companies issued by the International Accounting Standards Board (IASB) are issued. They are intended to regulate the preparation of internationally comparable annual and consolidated financial statements, detached from national legal regulations. The IFRS are prescribed by numerous countries, at least for capital market-oriented companies. They consist of standards and official interpretations of these standards. There is a framework concept for the IFRS. The objective of the IFRS goes beyond that of the HGB beyond. It defines the information function as the primary objective and subordinates all other objectives to this function, but thus makes a clear decision about possible conflicts of objectives. According to IFRS, the target group of investors is defined as the primary addressees of the financial statements.
