INTERNATIONAL FINANCIAL REPORTING STANDARDS Definition

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INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS), often known by the older name of International Accounting Standards (IAS), are a set of accounting standards. They are issued by the International Accounting Standards Board (IASB).

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QUALITY OF EARNINGS is the increased earnings due to increased sales and cost controls, as compared to artificial profits created by inflation of inventory or other asset prices.

CROSS-ACCOUNTING is non-cash payment through the delivery of goods or services to satisfy a liability; a very common practice between subsidiaries of a company. See IN-KIND.

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