The International Financial Reporting Standards IFRS 

IFRS Standards are set by the International Accounting Standards Board (Board) and are used primarily by publicly accountable companies-those listed on a stock exchange and by financial institutions, such as banks. Authoritative interpretations of the Standards, which provide further guidance on how to apply them, are developed by the IFRS Interpretations Committee and called IFRIC Interpretations.

Standards set by the Board's predecessor body, the International Accounting Standards Committee, are called IAS Standards. These Standards have the same status as the IFRS Standards. Authoritative interpretations of those Standards, developed by the Standing Interpretations Committee, are called SIC Interpretations. The Board has also developed the IFRS for SMEs Standard, which is used by small and medium-sized companies without public accountability.