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

The IASB was founded in 2001 to succeed the International Accounting Standards Committee (IASC), itself established in 1973. It therefore endorsed all accounting standards issued previously and are known as International Accounting Standards (IAS).

IFRS were established to have a common accounting and financial language, so business and accounts can be understood from company to company and country to country.

For financial years beginning on or after 1st January 2019, listed companies must account for their leases in compliancy with IFRS 16. It supersedes IAS 17.