IFRS stands for which set of standards?

• A. International Financial Reporting Standards
• B. Generally Accepted Accounting Principles
• C. Securities Exchange Commission
• D. Public Company Accounting Oversight Board

Answer: (A)

IFRS stands for International Financial Reporting Standards. They are the global set of accounting standards used for financial reporting, developed by the IFRS Foundation and the International Accounting Standards Board to provide a common language for presenting financial statements across many countries. This helps investors compare companies internationally. The other terms refer to U.S.-specific concepts: GAAP is the Generally Accepted Accounting Principles used in the United States, while the Securities and Exchange Commission and the Public Company Accounting Oversight Board are regulatory bodies in the U.S. Therefore, the international name is the correct expansion.