What is IFRS?

IFRS Standards are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements around the world. With well over 100 countries using them, they have become a global accounting benchmark for comparison and consistency.

Using IFRS can help increase the quality, comparability and transparency of your financial information. Applying them correctly will increase your company's credibility and improve access to credit and investment opportunities.

The Standards are very detailed and technical. To the untrained eye, they can appear hard to navigate. But at Grant Thornton, we have people who are very well versed in their intricacies and can translate them into language that you can understand and apply to your financial statements.

To help you navigate the complexity of the standards, a selection of related content is included below. To view all of our IFRS insights please click here


IFRS 9 - Financial instruments

IFRS 9 is the IASB’s new standard on financial instruments, which changes the classification and measurement, impairment and hedge accounting requirements.

IFRS 3 – Business combinations

Mergers and acquisitions (business combinations) can have a fundamental impact on the acquirer’s operations, resources and strategies. The assessment of whether one entity controls another (ie when a parent-subsidiary relationship exists) is essential to the preparation of financial statements under International Financial Reporting Standards (IFRS).

IFRS 8 – Operating segments

How a business should report the information about its operating segments in annual financial statements and in interim financial reports.

Corporate reporting – IFRS Financial Statements

Preparing your financial statements under IFRS International Financial Reporting Standards (IFRS) is challenging for any business. Each year the International Accounting Standards Board (IASB) publishes new Standards with the potential to significantly impact both the presentation of the primary statements and the accompanying disclosures.

IAS 36 – Impairment of assets

IAS 36’s guidance is detailed, prescriptive and complex in some areas making it often challenging to apply in practice.

Accounting for Revenue under IFRS 15

IFRS 15 Revenue from Contracts with Customers is the new Revenue Standard effective 1 January 2018. The Standard involves a 5 step model approach.

IFRS 16 – Leasing

The IASB has issued IFRS 16 ‘Leases’, which specifies how lessees and lessors will account for leases. The standard requires most leases to be ‘on-balance sheet’.

IFRS 17 – Insurance contracts

IFRS 17 ‘Insurance Contracts’ was published after twenty years of development by the International Accounting Standards Board (IASB). The new Standard rewrites the rulebook for insurance reporting

Mark Hucklesby
Director of Financial Reporting
Mark Hucklesby