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The International Financial Reporting Standards (IFRS) are a set of accounting standards used by many countries outside of the United States. IFRS are similar to GAAP in many ways, but there are some differences as well. For example, IFRS allows for more flexibility in the way that companies can present their financial statements, while GAAP is more prescriptive in terms of how financial statements should be prepared.
The European Union requires the use of IFRS for publicly traded companies, while some countries in Europe, such as the UK and Germany, also use IFRS for financial reporting. Australia, on the other hand, has adopted IFRS for financial reporting purposes.
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