{"iri":"https://lexicon.financial/ext/concept/IFRS","label":"IFRS","definition":"International Financial Reporting Standards — the financial-reporting framework issued by the International Accounting Standards Board (IASB), a London-based international standard-setter. Used by public companies in 140+ jurisdictions including the EU, UK, Canada, Australia, and most of Asia. The SEC permits foreign private issuers to file in IFRS without reconciling to U.S. GAAP, but U.S. domestic SEC registrants must file in U.S. GAAP. **U.S. coverage caveat:** IFRS is a foreign-issued standard; specific recognition, measurement, and disclosure rules can differ materially from U.S. GAAP (e.g. inventory under LIFO is permitted under U.S. GAAP but prohibited under IFRS; development costs are expensed under U.S. GAAP but capitalizable under IAS 38). When evaluating U.S. private-company financials, prefer the U.S. GAAP anchor over an IFRS one if both exist. A specific instance of FIBO's `AccountingFramework` superclass.","license":"https://spdx.org/licenses/MIT","source":"ext","source_url":"https://lexicon.financial/ext/"}