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International Financial Reporting Standards (IFRS)

A set of accounting standards, used worldwide, for how different kinds of transactions should be recorded in balance sheets and general ledgers. The Accounting Standards Board publishes and updates the International Financial Reporting Standards, in an effort to standardize accepted accounting practices across international boundaries.

Related information about International Financial Reporting Standards (IFRS):
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  8. US GAAP convergence & IFRS - PwC
    PwC US examines the proposed retirement of US GAAP and the conversion to International Financial Reporting Standards (IFRS.)