IFRS are the international accounting standards used around the world. This guide explains what they are, who uses them, and introduces the common individual standards.
Published July 2026 · Updated July 2026
IFRS (International Financial Reporting Standards) are accounting standards issued by the IFRS Foundation's board, designed so that financial statements are comparable and transparent across countries.
Listed companies and many large groups use IFRS so investors can compare businesses internationally on the same basis. In the UK, most small private companies use UK GAAP instead, but the concepts overlap heavily.
IFRS is made up of numbered standards, each covering a topic. Common ones include IFRS 15 (revenue), IFRS 16 (leases) and IFRS 9 (financial instruments), plus older IAS standards like IAS 2 (inventories). IFRS 18 reshapes how the financial statements are presented from 2027.
IAS (International Accounting Standards) are the older standards; IFRS are the newer ones. Both are part of the current IFRS framework, and many IAS standards are still in force.
Usually not, most UK small companies use UK GAAP. IFRS matters if you are listed, part of a group that reports under IFRS, or dealing with international investors.
The IFRS Foundation publishes the full list of standards on its website.
Source: IFRS Foundation ↗. This glossary is written for small business owners, so definitions are simplified. Tax rates and thresholds reflect 2026/27 UK rules and change over time. Berified does not provide accounting, tax or legal advice; always check the source or a qualified adviser.