International Financial Reporting Standards (IFRS) are standards and interpretations of standards issued by the International Accounting Standards Board (IASB). They include international standards of financial statements, international accounting standards, IFRIC interpretations and SIC interpretations. The purpose of the IASB is “to develop in public interest a single set of high-quality, understandable, enforceable and globally accepted accounting standards based on clearly formulated principles”. Financial statements prepared in line with IFRS provide information on financial performance, position and cash flows that are useful in making economic decisions for a wide range of their users, including investors, creditors, employees and the general public.

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