# IFRS

- Canonical URL: https://www.gerhardmerk.de/ifrs
- Post ID: 595008
- Modified: 2023-07-25T21:00:13+00:00
- Language: en

## Definition

Official abbreviation for International Financial Reporting Standards. - A distinction must be made between - the set of rules issued by the International Accounting Standards Board (IASB), referred to in the jargon as "full IFRS" on the one hand, and - the rules as declared binding for the EU on the other; these are officially referred to as "IFRS as adopted in the EU" and abbreviated in the jargon as "EU-IFRS". - Various bodies are involved in the adoption of the "full IFRS" in the EU (also known as the endorsement process), namely - the European Commission; it has the right of initiative; the European Financial Reporting Advisory Group (EFRAG), which in turn entrusts an EFRAG Technical Expert Group (TEG) with the preparation of endorsement advice - the Accounting Regulatory Committee (ARC), which meets under the chairmanship of the Commission and represents the EU member states - the EU Council of Ministers and - the European Parliament. - To ensure that the endorsement process is internally consistent, a separate Standard Advice Review Group (SARG) was set up by decision of the Commission in July 2006. It consists of a maximum of seven members, comprising independent experts and high-level representatives of national rulemakers. - See Valuability, Enforcement process, International Financial Reporting Standards, Committee mania, IFRS dialects, Swiss Finish. - See BaFin Annual Report 2007, p. 64 f. (foreign issuers are allowed to present IFRS financial statements in the U.S. without reconciliation to GAAP), BaFin Annual Report 2009, p. 51 (more recent development), and the respective BaFin Annual Report, chapter "International." Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec. Professor Dr. Eckehard Krah, Dipl.rer.pol. E-mail address: info@ekrah.com https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk https://www.jung-stilling-gesellschaft.de/merk/ https://www.gerhardmerk.de/

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