IFRS / IAS — International Financial Reporting Standards
IFRS Accounting Standards are issued by the International Accounting Standards Board (IASB) under the IFRS Foundation. They are a single set of globally-applied standards comprising the IFRS standards (IFRS 1–19), the legacy IAS standards (IAS 1–41) still in force, and the IFRIC / SIC interpretations.
In the EU and the Netherlands, IFRS apply through EU-endorsed IFRS under the IAS Regulation (EC) No 1606/2002: EU-listed companies must prepare their consolidated financial statements under EU-endorsed IFRS. Non-listed Dutch entities generally apply Dutch GAAP; IFRS is optional for many of them. EU-endorsed IFRS can lag IASB-issued IFRS until the endorsement process completes — always check endorsement status for newly issued standards (e.g. IFRS 18).
Standard numbers, titles and effective dates below are verified against ifrs.org. The full text of each standard sits behind the IFRS Navigator; every link points to a standard's landing page (no fabricated deep links). Paragraph references in the "key requirements" tables are indicative — confirm against the standard text.
IFRS Accounting Standards (IFRS 1–19)
| Standard | Title | Topic / scope | Status & effective date | Source |
|---|---|---|---|---|
| IFRS 1 | First-time Adoption of IFRS | Rules for an entity's first IFRS financial statements | In force | ifrs.org |
| IFRS 2 | Share-based Payment | Equity- and cash-settled share-based payments | In force | ifrs.org |
| IFRS 3 | Business Combinations | Acquisition method, goodwill, NCI | In force | ifrs.org |
| IFRS 4 | Insurance Contracts | Insurance contracts | Superseded by IFRS 17 (from 1 Jan 2023) | ifrs.org |
| IFRS 5 | Non-current Assets Held for Sale and Discontinued Operations | Held-for-sale classification & presentation | In force | ifrs.org |
| IFRS 6 | Exploration for and Evaluation of Mineral Resources | Extractive industries pre-development costs | In force | ifrs.org |
| IFRS 7 | Financial Instruments: Disclosures | Disclosures for financial instruments | In force | ifrs.org |
| IFRS 8 | Operating Segments | Segment reporting (management approach) | In force | ifrs.org |
| IFRS 9 | Financial Instruments | Classification/measurement, ECL impairment, hedge accounting | In force | ifrs.org |
| IFRS 10 | Consolidated Financial Statements | Control model & consolidation | In force | ifrs.org |
| IFRS 11 | Joint Arrangements | Joint operations vs joint ventures | In force | ifrs.org |
| IFRS 12 | Disclosure of Interests in Other Entities | Disclosures for subsidiaries, JVs, associates, structured entities | In force | ifrs.org |
| IFRS 13 | Fair Value Measurement | How to measure fair value + disclosures | In force | ifrs.org |
| IFRS 14 | Regulatory Deferral Accounts | Interim standard for rate-regulated first-time adopters | In force (limited scope) | ifrs.org |
| IFRS 15 | Revenue from Contracts with Customers | 5-step revenue recognition model | In force | ifrs.org |
| IFRS 16 | Leases | Single lessee on-balance-sheet model | In force | ifrs.org |
| IFRS 17 | Insurance Contracts | Measurement model for insurance contracts | In force (from 1 Jan 2023) | ifrs.org |
| IFRS 18 | Presentation and Disclosure in Financial Statements | Replaces IAS 1; new P&L categories, subtotals, MPMs | Issued; effective 1 Jan 2027 (early application permitted) | ifrs.org |
| IFRS 19 | Subsidiaries without Public Accountability: Disclosures | Reduced disclosures for eligible subsidiaries | Issued; effective 1 Jan 2027 (early application permitted) | ifrs.org |
IAS Standards (IAS 1–41)
IAS standards predate the IASB (issued by its predecessor, the IASC) and remain in force unless superseded. Many numbers were withdrawn when their content was folded into newer standards.
| Standard | Title | Topic / scope | Status | Source |
|---|---|---|---|---|
| IAS 1 | Presentation of Financial Statements | Required statements, structure, going concern | Superseded by IFRS 18 from 1 Jan 2027; in force until then | ifrs.org |
| IAS 2 | Inventories | Lower of cost / NRV; FIFO or weighted-average | In force | ifrs.org |
| IAS 7 | Statement of Cash Flows | Operating/investing/financing cash flows | In force | ifrs.org |
| IAS 8 | Accounting Policies, Changes in Accounting Estimates and Errors | Policy selection, estimate changes, error correction | In force | ifrs.org |
| IAS 10 | Events after the Reporting Period | Adjusting vs non-adjusting events | In force | ifrs.org |
| IAS 12 | Income Taxes | Current & deferred tax | In force | ifrs.org |
| IAS 16 | Property, Plant and Equipment | Recognition, depreciation, revaluation | In force | ifrs.org |
| IAS 19 | Employee Benefits | Pensions, post-employment & other benefits | In force | ifrs.org |
| IAS 20 | Accounting for Government Grants and Disclosure of Government Assistance | Government grants | In force | ifrs.org |
| IAS 21 | The Effects of Changes in Foreign Exchange Rates | FX translation, functional/presentation currency | In force | ifrs.org |
| IAS 23 | Borrowing Costs | Capitalisation of borrowing costs on qualifying assets | In force | ifrs.org |
| IAS 24 | Related Party Disclosures | Related-party relationships & transactions | In force | ifrs.org |
| IAS 26 | Accounting and Reporting by Retirement Benefit Plans | Reporting by pension plans themselves | In force | ifrs.org |
| IAS 27 | Separate Financial Statements | Accounting for investments in separate statements | In force | ifrs.org |
| IAS 28 | Investments in Associates and Joint Ventures | Equity method | In force | ifrs.org |
| IAS 29 | Financial Reporting in Hyperinflationary Economies | Restatement for hyperinflation | In force | ifrs.org |
| IAS 32 | Financial Instruments: Presentation | Liability vs equity, offsetting | In force | ifrs.org |
| IAS 33 | Earnings per Share | Basic & diluted EPS | In force | ifrs.org |
| IAS 34 | Interim Financial Reporting | Content of interim reports | In force | ifrs.org |
| IAS 36 | Impairment of Assets | Recoverable amount, impairment testing | In force | ifrs.org |
| IAS 37 | Provisions, Contingent Liabilities and Contingent Assets | Recognition/measurement of provisions | In force | ifrs.org |
| IAS 38 | Intangible Assets | Recognition, amortisation, R&D | In force | ifrs.org |
| IAS 39 | Financial Instruments: Recognition and Measurement | Largely superseded by IFRS 9 (residual hedge-accounting option) | Mostly superseded | ifrs.org |
| IAS 40 | Investment Property | Cost vs fair value model | In force | ifrs.org |
| IAS 41 | Agriculture | Biological assets & agricultural produce | In force | ifrs.org |
Superseded / withdrawn IAS numbers: IAS 3, 4, 5, 6, 9, 11, 13, 14, 15, 17, 18, 22, 25, 30, 31, 35 were withdrawn or folded into later standards (e.g. IAS 11 & 18 → IFRS 15; IAS 17 → IFRS 16; IAS 14 → IFRS 8; IAS 22 → IFRS 3). They have no live standalone landing page.
Interpretations (IFRIC / SIC)
| Body | What it is | Status |
|---|---|---|
| IFRIC | Interpretations issued by the IFRS Interpretations Committee (post-2002) clarifying how to apply standards (e.g. IFRIC 1, 12, 14, 16, 21, 23) | Several in force; some withdrawn when absorbed into standards |
| SIC | Legacy interpretations from the Standing Interpretations Committee (pre-2002), e.g. SIC-7, SIC-25, SIC-29, SIC-32 | Mostly superseded; a few remain |
The authoritative live list is the IFRS Standards Navigator.
Key requirements — IFRS 15 Revenue from Contracts with Customers
Core principle: recognise revenue to depict the transfer of promised goods or services in an amount reflecting the consideration the entity expects to be entitled to. The 5-step model:
| Step | Requirement | Ref. | Source |
|---|---|---|---|
| 1 — Identify the contract | Account for a contract only when collection is probable and the 5 criteria are met | IFRS 15.9 | ifrs.org |
| 2 — Identify performance obligations | Identify each distinct good/service (or series) promised | IFRS 15.22–.30 | ifrs.org |
| 3 — Determine the transaction price | Estimate consideration incl. variable consideration, financing, non-cash, payable-to-customer | IFRS 15.47 | ifrs.org |
| 4 — Allocate the transaction price | Allocate based on relative stand-alone selling prices | IFRS 15.73 | ifrs.org |
| 5 — Recognise revenue | Recognise when (or as) control transfers — over time or at a point in time | IFRS 15.31 / .35 / .38 | ifrs.org |
| Contract costs | Capitalise incremental costs to obtain & costs to fulfil a contract | IFRS 15.91–.95 | ifrs.org |
Paragraph references are indicative; confirm against the standard text. IFRS 15 is the origin of the converged ASC 606 revenue model.
Key requirements — IFRS 16 Leases
Single lessee model: nearly all leases go on-balance-sheet. (Lessor accounting retains the IAS 17-style finance/operating split.)
| Key point | Requirement | Ref. | Source |
|---|---|---|---|
| Single lessee model | Lessee recognises a right-of-use (ROU) asset and a lease liability for all leases | IFRS 16.22 | ifrs.org |
| Initial liability | Lease liability = PV of lease payments at the rate implicit in the lease or the incremental borrowing rate | IFRS 16.26 | ifrs.org |
| Initial ROU asset | ROU asset = liability + prepaid payments + initial direct costs + restoration costs | IFRS 16.23–.24 | ifrs.org |
| Subsequent measurement | ROU asset depreciated; liability accreted at interest and reduced by payments | IFRS 16.29–.38 | ifrs.org |
| Recognition exemptions | Optional exemption for short-term (≤12 months) and low-value-asset leases | IFRS 16.5–.8 | ifrs.org |
| Identifying a lease | A contract is/contains a lease if it conveys the right to control use of an identified asset for a period | IFRS 16.9 | ifrs.org |
The single on-balance-sheet model is the key conflict with US GAAP (ASC 842) and Dutch RJ 292, which keep an operating/finance split.
Key requirements — IAS 2 Inventories
| Key point | Requirement | Ref. | Source |
|---|---|---|---|
| Measurement basis | Lower of cost and net realisable value (NRV) | IAS 2.9 | ifrs.org |
| Cost components | Purchase costs + conversion costs + other costs to bring to present location/condition | IAS 2.10 | ifrs.org |
| Cost formulas | FIFO or weighted-average for interchangeable items (LIFO prohibited) | IAS 2.25 | ifrs.org |
| Specific identification | For items not ordinarily interchangeable | IAS 2.23 | ifrs.org |
| Write-down reversal | Reverse a prior write-down (capped at original) when NRV recovers | IAS 2.33 | ifrs.org |
The LIFO prohibition is the key conflict with US GAAP, which permits LIFO.
Key requirements — IAS 1 → IFRS 18 (Presentation)
IAS 1 governs presentation for periods beginning before 1 Jan 2027; IFRS 18 replaces it from 1 Jan 2027 (early application permitted; subject to EU endorsement).
| Key point | Requirement | Source |
|---|---|---|
| Complete set of statements | Statement of financial position; P&L and OCI; changes in equity; cash flows (IAS 7); notes | IAS 1 |
| Going concern / accrual | Statements prepared on a going-concern and accrual basis | IAS 1 |
| IFRS 18 — P&L categories | Classify income/expenses into operating, investing, financing (plus income-tax and discontinued-operations) | IFRS 18 |
| IFRS 18 — required subtotals | Present two defined subtotals: operating profit and profit before financing and income taxes | IFRS 18 |
| IFRS 18 — MPMs | Disclose management-defined performance measures in a single audited note with reconciliation | IFRS 18 |
| IFRS 18 — aggregation | Enhanced principles for grouping items and the primary-statements-vs-notes decision | IFRS 18 |