International Financial Reporting Standards (IFRS) is a basic standard, Understanding and Framework (1989) adopted by the International Accounting Standards Board (IASB).
A number of standards established as part of IFRS are known by the former name of International Accounting Standards (IAS). IAS issued between 1973 and 2001 by the Agency for International Accounting Standards Committee (IASC). On April 1, 2001, the new IASB took over responsibility opment preparing International Accounting Standards of the IASC. During the first meeting, the new Board is adapting IAS and SIC that already exist. IASB continue to develop standards and naming new standards with IFRS name.
IFRS considered a standard set of "basic principles" which then establishes rules also dictate the application of agency-specific implementation.
International Financial Reporting Standards include:
“In making the judgement described in paragraph 10, management shall refer to, and consider the applicability of, the following sources in descending order: (a) the requirements and guidance in Standards and Interpretations dealing with similar and related issues; and (b) the definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the Framework"
Source : International Accounting Standards Board (2007):International Financial Reporting Standards 2007 (including International Accounting Standards (IAS(tm)) and Interpretations as at 1 January 2007), LexisNexis, ISBN 1-4224-1813-8