International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB).

The IASB began operations in 2001, succeeding the International Accounting Standards Committee (IASC), which was established in 1973. The IASB adopted all existing standards issued by the IASC. Those earlier standards are known as International Accounting Standards (IAS).

IFRS provide a common accounting and financial language. They enable consistent reporting across companies and countries.

For financial years starting on or after 1 January 2019, listed companies must apply IFRS 16 for lease accounting. IFRS 16 replaced IAS 17.