International Financial Reporting Standards

International Financial Reporting Standards (IFRS) is a set of accounting and financial reporting standards for companies ('entities') adopted by many countries globally. IFRS constitutes a standardized way of describing a company's financial performance, position, equity, and cash flow.

The standards recognize the following major elements:

  • Income - Increases in economic benefit during an accounting period - inflows or enhancements of assets, or decrease of liabilities, that result in increases in equity. Except contributions made by the equity participants (for example owners, partners or shareholders)
  • Expenses - Decreases in assets, or increases in liabilities, that result in decreases in equity. Except for distributions made to the equity participants.
  • Assets - Economic resources controlled by the entity as a result of past events which are expected to generate future economic benefits
  • Liabilities - Obligations of the entity to transfer an economic resource as a result of past events
  • Equity - The residual interest in the assets of the entity after deducting all its liabilities


In the area of supply chain performance, IFRS provides better insights in the supply chain cost structures than for example GAAP, the US approved standard. Level 2 OpenReference Cost metrics are aligned with IFRS cost reporting.

Compare to: GAAP Asset Efficiency Fixed Asset Turns Supply Chain Costs Cost of Goods Sold Distribution Costs Other Operational Expenses Record-to-Report Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flows Statement of Changes in Equity


IFRSInternational Financial Reporting Standards0IFRS
IFRS01IFRS 1 First-time Adoption1IFRS01
IFRS02IFRS 2 Share-based Payment1IFRS02
IFRS03IFRS 3 Business Combinations1IFRS03
IFRS04IFRS 4 Insurance Contracts1IFRS04
IFRS05IFRS 5 Non-current Assets Held for Sale1IFRS05
IFRS06IFRS 6 Mineral Resources Exploration & Evaluation1IFRS06
IFRS07IFRS 7 Disclosures1IFRS07
IFRS08IFRS 8 Operating Segments1IFRS08
IFRS09IFRS 9 Financial Instruments1IFRS09
IFRS10IFRS 10 Consolidated Financial Statements1IFRS10
IFRS11IFRS 11 Joint Arrangements1IFRS11
IFRS12IFRS 12 Interests in Other Entities1IFRS12
IFRS13IFRS 13 Fair Value Measurement1IFRS13
IFRS14IFRS 14 Regulatory Deferral Accounts1IFRS14
IFRS15IFRS 15 Revenue1IFRS15
IFRS16IFRS 16 Leases1IFRS16
IFRS17IFRS 17 Insurance Contracts1IFRS17
IAS01IAS 1 Presentation of Financial Statements1IAS01
IAS02IAS 2 Inventories1IAS02
IAS07IAS 7 Statement of Cash Flows1IAS07
IAS08IAS 8 Accounting Policies, Changes in Estimates & Errors1IAS08
IAS10IAS 10 Events aft the Reporting Period1IAS10
IAS11IAS 11 Construction Contracts*1IAS11
IAS12IAS 12 Income Taxes1IAS12
IAS16IAS 16 Property, Plant & Equipment1IAS16
IAS17IAS 17 Leases*1IAS17
IAS18IAS 18 Revenue*1IAS18
IAS19IAS 19 Employee Benefits1IAS19
IAS20IAS 20 Accounting for Government Grants & Assistance1IAS20
IAS21IAS 21 Effects of Foreign Exchange Rates1IAS21
IAS23IAS 23 Borrowing Costs1IAS23
IAS24IAS 24 Related Party Disclosures1IAS24
IAS26IAS 26 Retirement Benefit Plans1IAS26
IAS27IAS 27 Separate Financial Statements1IAS27
IAS28IAS 28 Investments in Associates & Joint Ventures1IAS28
IAS29IAS 29 Hyper-inflationary Economies1IAS29
IAS32IAS 32 Presentation1IAS32
IAS33IAS 33 Earnings per Share1IAS33
IAS34IAS 34 Interim Financial Reporting1IAS34
IAS36IAS 36 Impairment of Assets1IAS36
IAS37IAS 37 Provisions, Contingent Liabilities & Contingent Assets1IAS37
IAS38IAS 38 Intangible Assets1IAS38
IAS39IAS 39 Recognition & Measurement*1IAS39
IAS40IAS 40 Investment Property1IAS40
IAS41IAS 41 Agriculture1IAS41


CO1Supply Chain Costs1CO1
CO11Cost of Goods Sold2CO11
CO12Distribution Costs2CO12
CO13Other Operational Expenses2CO13
AEAsset Efficiency0AE
AE2Fixed Asset Turns1AE2


CSCFStatement of Cash FlowsCSCF
CSCEStatement of Changes in EquityCSCE
CSCIStatement of Comprehensive IncomeCSCI
CSFPStatement of Financial PositionCSFP
International Financial Reporting Standards 00000 0 Finance, Reporting, Accounting, Standard, IFRS, GAAP, Global IFRS is a collection of standards for accounting and financial reporting adopted by many countries globally