How to Cite IFRS Standards: APA, Chicago, and Professional Reports

To cite an IFRS standard properly, give four things: the standard’s number and title, the version year in effect for the period you are discussing, the specific paragraph you are relying on, and the correct issuing body (the IASB for accounting standards, the ISSB for sustainability standards). Everything else about how to cite IFRS standards, whether in APA, Chicago, or a professional accounting report, is a matter of arranging those four elements in the format your reader expects.

The Four Elements Every IFRS Citation Needs

Skip any one of these and you make verification harder than it needs to be.

Standard number and title. IFRS documents carry both a number and a descriptive name, such as IFRS 9, Financial Instruments, or IAS 36, Impairment of Assets. The number identifies the standard; the title confirms it.

Version or year. IFRS standards are amended often, and different versions apply to different reporting periods. The year in your citation should match the version that was effective during the period your financial statements cover. A citation supporting a 2025 annual report may rely on a different consolidated text than one supporting a 2020 report.

Paragraph number. This is what separates a working citation from a vague pointer. “IFRS 16, para. 47” sends a reviewer to the exact rule. “IFRS 16” sends them to a document that runs well over a hundred paragraphs. Cite a standard as a whole only when discussing its general scope; any time you justify a specific treatment, measurement, or disclosure, give the paragraph.

Issuing body. IFRS Accounting Standards come from the International Accounting Standards Board (IASB). IFRS Sustainability Disclosure Standards come from the International Sustainability Standards Board (ISSB).¹ Both operate under the IFRS Foundation but are separate boards, and your citation should name the right one.

Which IFRS Document Are You Citing?

IFRS literature is not one consecutively numbered rulebook. Several categories of documents exist, with different prefixes and different levels of authority, and the citation needs to reflect which type you are pointing to.

IFRS Standards and IAS Standards

The main body of accounting guidance runs on two numbering series. IFRS Standards are numbered IFRS 1 through the most recently issued. The older International Accounting Standards are numbered IAS 1 through IAS 41, originally issued by the IASC and later adopted by the IASB. Many IAS standards remain in force. When an IFRS standard replaces an IAS standard, the old IAS number is retired; IFRS 9, for example, replaced IAS 39 for classification and measurement of financial instruments.² Both series cite the same way: designation, number, title, paragraph.

Interpretations (IFRIC and SIC)

Interpretations clarify how to apply the main standards. Current interpretations come from the IFRS Interpretations Committee (IFRIC prefix); older ones came from the Standing Interpretations Committee (SIC prefix).³ Format mirrors the standards: IFRIC 23, Uncertainty over Income Tax Treatments, para. 6.

The Conceptual Framework

The Conceptual Framework for Financial Reporting is a foundational document, not a standard, but the IASB uses it as the basis for developing standards and it comes up in interpretive arguments.⁴ Cite it by name and paragraph: Conceptual Framework for Financial Reporting, para. 1.2.

IFRS Sustainability Disclosure Standards

The ISSB issued its first two sustainability standards in June 2023: IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2, Climate-related Disclosures. Both took effect for annual reporting periods beginning on or after January 1, 2024.⁵ The “IFRS S” prefix distinguishes them from the accounting standards. Format: IFRS S1, para. 25. The authoring body is the ISSB, not the IASB.

Non-Authoritative Materials

Several documents accompany the standards but do not carry the same authority. Your citation should signal the difference:

Basis for Conclusions paragraphs use a “BC” prefix and explain why the IASB reached its decisions. They accompany but are not part of the standard. Cite as: IFRS 16, Basis for Conclusions, para. BC10.⁶
Implementation Guidance paragraphs use “IG”: IAS 1, para. IG6.
Illustrative Examples use “IE” and are provided for information purposes only: IFRS 3, para. IE72.⁷

When you rely on these, make the prefix visible so the reader knows they are looking at explanatory material rather than a binding requirement.

Citing IFRS in APA Style (7th Edition)

APA is standard for academic accounting research. Treat the issuing board as a group author.

Reference List Entry

Group author, year of the version you used, title in italics, standard number in parentheses, publisher, URL:

International Accounting Standards Board. (2023). Leases (IFRS 16). IFRS Foundation. https://www.ifrs.org/

The year matches the consolidated text you actually consulted, not necessarily the year the standard was first issued. If you worked from the 2025 consolidation, the year is 2025.

In-Text Citations

Author-date, with the paragraph. First mention introduces the abbreviation: (International Accounting Standards Board [IASB], 2023, para. 47). Later mentions shorten: (IASB, 2023, para. 47). You can also work the author into the sentence: The International Accounting Standards Board (2023) requires a lessee to measure right-of-use assets at cost (para. 23).

For sustainability standards, use the ISSB: (International Sustainability Standards Board [ISSB], 2023, para. 25).

The Conceptual Framework

Because the Conceptual Framework has no standard number, use the title alone in the reference:

International Accounting Standards Board. (2018). Conceptual Framework for Financial Reporting. IFRS Foundation. https://www.ifrs.org/

In-text: (IASB, 2018, para. 2.4).

Citing IFRS in Chicago Style (17th Edition)

Chicago shows up most in professional publishing and business research. It uses footnotes for references and a matching bibliography entry.

Bibliography Entry

International Accounting Standards Board. Revenue from Contracts with Customers (IFRS 15). IFRS Foundation, 2023. https://www.ifrs.org/.

Footnotes

The first footnote carries full detail; later footnotes shorten.

First reference: International Accounting Standards Board, Impairment of Assets (IAS 36, 2023), para. 70, https://www.ifrs.org/.

Subsequent references: IAS 36, para. 70.

Professional Accounting Report Format

Accounting firms and corporate finance departments generally drop the academic apparatus and use a stripped-down format for readers who work with IFRS every day. Conventions vary, but they are consistent enough to describe.

Parenthetical References

The common form is a parenthetical placed right after the statement it supports: (IFRS 15, para. 5). No author, no title, no year. This assumes the reader knows the standard and is working with the current version. If there is any risk of ambiguity about which version applies, add the year: (IFRS 15 [2023], para. 5). This matters during transition periods when an amendment has been issued but is not yet mandatorily effective.

Footnotes with Abbreviated Titles

Some reports use footnotes that include a short title: IFRS 9, Financial Instruments, para. 5.5.1. Whichever format you pick, use it consistently across the document. Mixing parenthetical and footnote styles in the same report creates confusion.

Getting the Version Right

IFRS standards do not sit still. The IASB issues targeted amendments and annual improvements cycles that bundle smaller changes across several standards. Citing an outdated paragraph, or one that has been superseded, undermines the credibility of the whole reference.

When you cite an amended standard, you cite the standard itself as consolidated in the version effective for your reporting period. You do not usually cite the amending document separately unless you are specifically discussing the change. If Annual Improvements Volume 11 (issued July 2024) amended paragraphs B5 and B6 of IFRS 1, a report applying the updated standard simply cites IFRS 1, para. B5 from the current consolidated text. An academic paper analyzing the amendment itself might reference: IASB, Annual Improvements to IFRS Accounting Standards — Volume 11, July 2024.

If a standard has a future effective date and early adoption is permitted, note which version you are applying. Two versions of the same standard can coexist during transition, and the reader needs to know which one you used.

The IFRS Foundation is the sole publisher of official standards, and third-party compilations occasionally lag or paraphrase.⁸ For formal citations, point your reader to the Foundation’s published text.

Mistakes to Avoid

A handful of errors come up over and over.

Citing an IAS standard by its IFRS replacement number, or vice versa, sends a reviewer to the wrong paragraphs. IAS 17 and IFRS 16 both cover leases, but they are different standards with different numbering. If the reporting period falls under the old standard, cite IAS 17; under the new one, cite IFRS 16.

Attributing a sustainability standard to the IASB rather than the ISSB is a growing problem as IFRS S1 and IFRS S2 gain adoption. Both came from the ISSB, and the citation should reflect that.

Treating Basis for Conclusions paragraphs as if they carry the same weight as the standard itself is a subtler mistake. A BC paragraph can explain the IASB’s intent, but it is explicitly not part of the authoritative standard. In a compliance context, point to the standard’s own paragraphs. Use the Basis for Conclusions to support your interpretation, and label it that way.

Omitting the paragraph number is the shortcut that causes the most frustration. Every standard has specific paragraphs for recognition, measurement, disclosure, and transition. Identify the requirement you are relying on and give the paragraph.