International Financial Reporting Standards (IFRS)

IFRSs

International Financial Reporting Standards (IFRSs) are published by the International Accounting Standards Board (IASB).  Older standards adopted by the IASB from its predecessor body, the International Accounting Standards Committee, are known as ‘International Accounting Standards' (IASs).

The IASB is the independent standard-setting body of the IFRS Foundation. Its members are responsible for the development and publication of IFRS Standards and for approving Interpretations of IFRS Standards as developed by the IFRS Interpretations Committee (formerly IFRIC).

Access to the IASB standards (IFRSs and IASs)

The IFRS Foundation provides free access (through Basic registration) to the PDF and html files of the current year's consolidated IFRS® Standards and IFRIC® Interpretations (Part A of the Issued Standards—the Red Book), the Conceptual Framework for Financial Reporting and IFRS Practice Statements. It does not include access to accompanying documents (Illustrative Examples, Implementation Guidance and Basis for Conclusions), the Required Standards or the Annotated versions. Find out more about what is available for free here. To access the unaccompanied standards, you will need to first register for a free IFRS account here. Once registered, and logged in, you will be able to access the free content, including the unaccompanied standards, on the IFRS Foundation website.

The full Standards with all accompanying documents are available for IFRS Digital subscribers. The IFRS Digital Subscription includes access to the full text, the online equivalent of the printed Required Standards, Issued Standards and Annotated IFRS Standards books, of the most up-to-date versions of all current IFRS Standards, IAS Standards, IFRIC and SIC Interpretations and IASB-issued supporting documents - application guidance, Illustrative Examples, Implementation Guidance, Bases for Conclusions and all appendices. Find out more about what is available through this subscription, and the cost, here. The Institute has agreed a discounted rate for this service with the IFRS Foundation for members of Chartered Accountants Ireland. So if you wish to avail of the service at a 50% discount, please first complete the form here to request a discount code to use when placing your order. Once you have the discount code, you can use it when placing your order here.

For information, the old eIFRS website was replaced in 2021 by the IFRS Standards Navigator. The IFRS Standards Navigator is the search and navigation tool which allows you to access and navigate the Standards and related materials on the IFRS Foundation website. Subscribers can still access the legacy eIFRS platform until the end of 2021.

EU adopted IFRS

The standards issued by IASB must go through due process of endorsement before becoming law in the EU.  More details with regard to this endorsement process, as well the up to date endorsement status of standards and interpretations issued by the IASB, are available on the European Commission's accounting webpages and the website of the European Financial Reporting Advisory Group.

UK endorsement of IAS

At the point that the UK’s Transition Period ended, legislation made under the European Union (Withdrawal) Act 2018 brings into UK law International Accounting Standards already endorsed in the EU to provide continuity.  These standards are defined as UK-adopted international accounting standards. The UK Accounting Standards Endorsement Board (UKEB) has been established to endorse and adopt new or amended IFRS into the body of UK-adopted international accounting standards after the transition period.

The UKEB was expected to be operational in early 2021, and for the intervening period, the Secretary of State had the power to adopt standards. On 21 May 2021, the Secretary of State for Business, Energy and Industrial Strategy signed ‘The International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021’ (SI 609 of 2021), which delegate the responsibility for the adoption of international accounting standards for use within the UK from the Secretary of State to the UKEB.

The UKEB has launched a website to keep stakeholders up to date with key developments in relation to the UKEB and its work, and the latest version of the UK Adoption status report can also be found there.

A letter issued by the FRC and the Department for Business, Energy & Industrial Strategy in November 2020 setting out the UK framework for reporting at the end of the transition period, and Transitional provision guidance issued by the FRC on 23 December 2020 for preparers using IFRS, provide useful information.

These pages are provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.