IFRS

Abbreviation for International Financial Reporting Standard: International accounting standards for companies issued by the International Accounting Standards Board (IASB). They are intended to regulate the preparation of internationally comparable annual and consolidated financial statements, independent of national legislation. IFRSs are prescribed by many countries, at least for capital market-oriented companies. They consist of standards and official interpretations of these standards. There is a framework for the IFRS. The objective of the IFRS goes beyond the HGB. It defines the information function as the ultimate goal and subordinates all other goals of this function, but makes a clear decision about possible goal conflicts. Under IFRS, the target group of investors is defined as the primary addressee of the annual financial statements.

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