IFRS Standards List: IAS, IFRIC, and SIC Interpretations

The complete IFRS standards list currently in force consists of 17 active IFRS standards issued by the International Accounting Standards Board, 24 International Accounting Standards (IAS) inherited from the IASB’s predecessor body, and a set of IFRIC and SIC interpretations that clarify how those standards apply in specific situations. Two additional standards, IFRS 18 and IFRS 19, have been issued but do not take effect until January 1, 2027. Together the framework is used for financial reporting in 148 jurisdictions worldwide.1IFRS Foundation. Who Uses IFRS Accounting Standards

How the Standards Are Organized

Two categories of binding standards sit at the top of the IFRS literature. The first, labeled IFRS with numbers starting at 1, includes standards issued by the IASB since it took over standard-setting in 2001. The second, labeled IAS, includes standards originally issued by the International Accounting Standards Committee (IASC), which operated from 1973 until it was reorganized into the IASB in 2000.2IAS Plus. International Accounting Standards Committee (IASC) Both categories carry equal authority. An IAS remains fully mandatory unless it has been explicitly withdrawn or replaced.

Beneath the standards sits the Conceptual Framework for Financial Reporting, revised most recently in March 2018. The Conceptual Framework is not itself a standard. It defines core concepts like assets, liabilities, income, and expenses, and guides the IASB when developing standards. Preparers also turn to it when a transaction is not addressed by any specific standard.3IFRS Foundation. Conceptual Framework for Financial Reporting

Alongside the standards, the IFRS Interpretations Committee (IFRIC) and its predecessor the Standing Interpretations Committee (SIC) issue interpretations. These fill gaps where a standard’s wording could lead to inconsistent treatment. Interpretations are just as binding as the standards themselves.

Complete List of IFRS Standards

The IASB has issued 19 numbered IFRS standards to date. IFRS 4 (Insurance Contracts) was superseded by IFRS 17 and is no longer in force. The remaining standards, along with the two that take effect in 2027, are listed below.4IFRS Foundation. IFRS Accounting Standards Navigator

  • IFRS 1 — First-time Adoption of International Financial Reporting Standards
  • IFRS 2 — Share-based Payment
  • IFRS 3 — Business Combinations
  • IFRS 5 — Non-current Assets Held for Sale and Discontinued Operations
  • IFRS 6 — Exploration for and Evaluation of Mineral Resources
  • IFRS 7 — Financial Instruments: Disclosures
  • IFRS 8 — Operating Segments
  • IFRS 9 — Financial Instruments
  • IFRS 10 — Consolidated Financial Statements
  • IFRS 11 — Joint Arrangements
  • IFRS 12 — Disclosure of Interests in Other Entities
  • IFRS 13 — Fair Value Measurement
  • IFRS 14 — Regulatory Deferral Accounts
  • IFRS 15 — Revenue from Contracts with Customers
  • IFRS 16 — Leases
  • IFRS 17 — Insurance Contracts
  • IFRS 18 — Presentation and Disclosure in Financial Statements (effective January 1, 2027)
  • IFRS 19 — Subsidiaries without Public Accountability: Disclosures (effective January 1, 2027)

What Each IFRS Standard Covers

IFRS 1 gives first-time adopters a structured pathway from local rules to IFRS. The general principle is retrospective application, but the standard offers optional exemptions where full restatement would be impractical, and mandatory exceptions where hindsight is not allowed.5IFRS Foundation. IFRS 1 First-time Adoption of International Financial Reporting Standards

IFRS 2 governs share-based payment transactions, including employee stock options and share awards to non-employees.

IFRS 3 requires the acquisition method for business combinations. Acquired assets, assumed liabilities, and any non-controlling interest are measured at fair value on the acquisition date. Any excess of the purchase price over the net fair value of identifiable items is recorded as goodwill, which is never amortized under IFRS but tested annually for impairment under IAS 36. Transaction costs such as legal and advisory fees are expensed as incurred.6IFRS Foundation. IFRS 3 Business Combinations

IFRS 5 sets out how to account for non-current assets held for sale and how to present discontinued operations.

IFRS 6 is a narrow-scope standard covering exploration and evaluation expenditures in the extractive industries.

IFRS 7 sets the disclosure requirements for financial instruments, working alongside the recognition and measurement rules in IFRS 9 and IAS 39.

IFRS 8 requires companies to report segment information using the same basis that management uses internally to allocate resources and assess performance.

IFRS 9 replaced most of IAS 39 and governs the classification, measurement, and impairment of financial assets and liabilities. Classification depends on the entity’s business model and the contractual cash flow characteristics of the asset. The standard’s expected credit loss (ECL) model requires companies to recognize potential credit losses as soon as a loan or receivable is originated, using forward-looking information rather than waiting for a loss event.7IFRS Foundation. IFRS 9 Financial Instruments Project Summary IFRS 9 also sets out an overhauled hedge accounting model with three qualifying relationships: fair value hedges, cash flow hedges, and hedges of a net investment in a foreign operation.8IFRS Foundation. IFRS 9 Financial Instruments

IFRS 10 defines control using three elements that must all be present: power over the investee, exposure to variable returns, and the ability to use that power to affect returns. A parent consolidates every entity it controls, beginning on the date control is obtained and ending when it is lost.9IFRS Foundation. IFRS 10 Consolidated Financial Statements

IFRS 11 distinguishes between joint operations, where each party recognizes its share of assets and liabilities, and joint ventures, which are accounted for using the equity method.

IFRS 12 consolidates the disclosure requirements for interests in subsidiaries, joint arrangements, associates, and unconsolidated structured entities.

IFRS 13 does not decide when fair value is required; other standards make that call. What IFRS 13 does is define fair value consistently and set out a single measurement framework, including a three-level hierarchy of valuation inputs ranging from quoted prices in active markets to unobservable inputs based on the entity’s own assumptions.10IFRS Foundation. IFRS 13 Fair Value Measurement

IFRS 14 is a limited-scope, transitional standard for first-time adopters with rate-regulated activities.

IFRS 15 established a single five-step model for recognizing revenue from customer contracts, replacing IAS 11, IAS 18, and a set of related interpretations. The steps run from identifying the contract through allocating the transaction price to each performance obligation and recognizing revenue as (or when) control transfers. The standard also covers contract cost capitalization.11IFRS Foundation. IFRS 15 Revenue from Contracts with Customers

IFRS 16 requires lessees to recognize a right-of-use asset and a corresponding lease liability for virtually all leases, ending the off-balance-sheet treatment that operating leases received under IAS 17. Two exemptions apply: leases with a term of 12 months or less, and leases where the underlying asset has a low value when new (the IASB has indicated this is generally around €5,000 based on original cost). Lessor accounting stayed largely unchanged, with the finance-versus-operating classification made at inception.12IFRS Foundation. IFRS 16 Leases

IFRS 17, effective since January 2023, replaced IFRS 4 and established the first comprehensive international standard for insurance contract measurement and reporting. Insurance contract liabilities are reported as the combination of fulfilment cash flows (current estimates of premiums, claims, and expenses adjusted for timing and risk) and the contractual service margin (unearned profit recognized as coverage is provided). A separate “variable fee approach” applies to contracts with direct participation features.13IFRS Foundation. IFRS 17 Insurance Contracts Project Summary

Complete List of IAS Standards Still in Force

Twenty-four IAS standards remain active. Several original IAS numbers are missing from the sequence because those standards were withdrawn or replaced. IAS 11 (Construction Contracts) and IAS 18 (Revenue) were both superseded by IFRS 15. IAS 1 (Presentation of Financial Statements) remains in force for 2026 reporting periods but will be replaced by IFRS 18 beginning January 1, 2027.14IFRS Foundation. IFRS 18 Presentation and Disclosure in Financial Statements

  • IAS 1 — Presentation of Financial Statements (replaced by IFRS 18 in 2027)
  • IAS 2 — Inventories
  • IAS 7 — Statement of Cash Flows
  • IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors
  • IAS 10 — Events after the Reporting Period
  • IAS 12 — Income Taxes
  • IAS 16 — Property, Plant and Equipment
  • IAS 19 — Employee Benefits
  • IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance
  • IAS 21 — The Effects of Changes in Foreign Exchange Rates
  • IAS 23 — Borrowing Costs
  • IAS 24 — Related Party Disclosures
  • IAS 26 — Accounting and Reporting by Retirement Benefit Plans
  • IAS 27 — Separate Financial Statements
  • IAS 28 — Investments in Associates and Joint Ventures
  • IAS 29 — Financial Reporting in Hyperinflationary Economies
  • IAS 32 — Financial Instruments: Presentation
  • IAS 33 — Earnings per Share
  • IAS 34 — Interim Financial Reporting
  • IAS 36 — Impairment of Assets
  • IAS 37 — Provisions, Contingent Liabilities and Contingent Assets
  • IAS 38 — Intangible Assets
  • IAS 39 — Financial Instruments: Recognition and Measurement
  • IAS 40 — Investment Property
  • IAS 41 — Agriculture

IAS 39 is a special case. Most of its content has been replaced by IFRS 9, but certain hedge accounting provisions remain available as a policy choice for entities that have not yet adopted the IFRS 9 hedge accounting model.

What Each IAS Covers

IAS 1 currently sets out the structure and minimum content of a complete set of financial statements. IFRS 18 supersedes it for periods beginning January 1, 2027.

IAS 2 requires inventories to be measured at the lower of cost and net realizable value. Cost includes purchase costs, conversion costs, and other costs to bring inventory to its present location and condition. IAS 2 prohibits the Last-In, First-Out (LIFO) cost formula. Companies must use FIFO or weighted average, or specific identification for items that are not interchangeable.15IFRS Foundation. IAS 2 Inventories

IAS 7 requires a statement of cash flows classifying flows into operating, investing, and financing activities.

IAS 8 sets the hierarchy for selecting accounting policies and the rules for changes in policy, changes in estimate, and correction of prior-period errors.

IAS 10 distinguishes between adjusting and non-adjusting events occurring between the reporting date and the date the financial statements are authorized.

IAS 12 governs current and deferred income taxes, including the recognition of deferred tax assets and liabilities based on temporary differences.

IAS 16 covers tangible assets held for use in producing goods or services, for rental, or for administrative purposes when expected to be used for more than one reporting period. After initial recognition at cost, the entity chooses either the cost model (cost less accumulated depreciation and impairment) or the revaluation model (fair value at the date of revaluation, less subsequent depreciation and impairment) for each class of assets. A chosen model applies to the entire class.16IFRS Foundation. IAS 16 Property, Plant and Equipment

IAS 19 covers all employee benefits, including short-term benefits, post-employment benefits (both defined contribution and defined benefit plans), other long-term benefits, and termination benefits.

IAS 20 sets recognition and disclosure requirements for government grants and other forms of government assistance.

IAS 21 covers the translation of foreign currency transactions and the translation of financial statements of foreign operations.

IAS 23 requires borrowing costs directly attributable to the acquisition, construction, or production of a qualifying asset to be capitalized as part of that asset’s cost.

IAS 24 requires disclosure of transactions and outstanding balances with related parties, including key management personnel compensation.

IAS 26 sets out how retirement benefit plans themselves present their financial statements, distinct from the sponsoring employer’s accounting under IAS 19.

IAS 27 applies when an entity presents separate (non-consolidated) financial statements alongside or instead of consolidated ones.

IAS 28 requires the equity method for investments in associates and for joint ventures under IFRS 11.

IAS 29 requires financial statements of entities operating in hyperinflationary economies to be restated in the measuring unit current at the reporting date.

IAS 32 deals with the presentation of financial instruments, particularly the distinction between liability and equity classification and the rules on offsetting financial assets and liabilities.

IAS 33 sets the calculation and presentation rules for basic and diluted earnings per share.

IAS 34 establishes the minimum content of an interim financial report and the recognition and measurement principles for interim periods.

IAS 36 sets out when and how entities test assets for impairment. At each reporting date the entity reviews assets for indications that carrying amount exceeds recoverable amount, defined as the higher of fair value less costs of disposal and value in use. Goodwill and intangible assets with indefinite useful lives are tested annually regardless. Impairment losses can be reversed in later periods for most assets, but goodwill impairment can never be reversed.

IAS 37 draws the line between provisions, which go on the balance sheet, and contingent liabilities, which are disclosed only. A provision is recognized when the entity has a present obligation from a past event, it is probable that an outflow will be required, and the amount can be reliably estimated. Contingent assets are disclosed when an inflow is probable and recognized only when virtually certain.

IAS 38 covers intangible assets, including recognition criteria for internally generated intangibles and rules on amortization versus indefinite-life treatment.

IAS 39 remains available for the hedge accounting rules noted above; its recognition and measurement provisions have otherwise been superseded by IFRS 9.

IAS 40 covers property held to earn rentals or for capital appreciation. Investment property may be measured under a cost model or a fair value model, with the choice applied to all investment property.

IAS 41 covers biological assets (living plants and animals) and agricultural produce at the point of harvest, generally requiring fair value measurement.

Active IFRIC Interpretations

The following IFRIC interpretations are currently in force. Each addresses a narrow application question under a parent standard.

  • IFRIC 1 — Changes in Existing Decommissioning, Restoration and Similar Liabilities
  • IFRIC 2 — Members’ Shares in Co-operative Entities and Similar Instruments
  • IFRIC 5 — Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
  • IFRIC 6 — Liabilities Arising from Participating in a Specific Market (Waste Electrical and Electronic Equipment)
  • IFRIC 7 — Applying the Restatement Approach under IAS 29
  • IFRIC 10 — Interim Financial Reporting and Impairment
  • IFRIC 12 — Service Concession Arrangements
  • IFRIC 14 — The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction
  • IFRIC 16 — Hedges of a Net Investment in a Foreign Operation
  • IFRIC 17 — Distributions of Non-cash Assets to Owners
  • IFRIC 19 — Extinguishing Financial Liabilities with Equity Instruments
  • IFRIC 20 — Stripping Costs in the Production Phase of a Surface Mine
  • IFRIC 21 — Levies
  • IFRIC 22 — Foreign Currency Transactions and Advance Consideration
  • IFRIC 23 — Uncertainty over Income Tax Treatments

Gaps in the numbering (IFRIC 3, 4, 8, 9, 11, 13, 15, 18) reflect interpretations that were superseded by newer standards or withdrawn after their guidance was incorporated directly into a standard revision.

Active SIC Interpretations

Only a handful of the original SIC interpretations remain in force. Most were superseded as the IASB overhauled the standards they supplemented.

  • SIC-7 — Introduction of the Euro
  • SIC-10 — Government Assistance with No Specific Relation to Operating Activities
  • SIC-25 — Income Taxes: Changes in the Tax Status of an Entity or Its Shareholders
  • SIC-29 — Service Concession Arrangements: Disclosures
  • SIC-32 — Intangible Assets: Web Site Costs

Standards Taking Effect in 2027

Two new standards apply to annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted for both.

IFRS 18: Presentation and Disclosure in Financial Statements

IFRS 18 replaces IAS 1 and represents the most significant overhaul of financial statement presentation in decades. The standard introduces two required subtotals in the income statement: operating profit, and profit before financing and income taxes. It also requires companies to disclose any “management-defined performance measures” (non-IFRS subtotals of income and expenses used in public communications), and adds new principles for when items should be grouped together or broken out separately.14IFRS Foundation. IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 19: Subsidiaries Without Public Accountability

IFRS 19 lets eligible subsidiaries apply full IFRS recognition and measurement rules with reduced disclosure requirements. To qualify, the subsidiary must lack public accountability, meaning it is not a listed entity and does not hold assets in a fiduciary capacity for a broad group of outsiders. Where the subsidiary uses IFRS 19, its disclosure requirements substitute for those in the individual standards.17IFRS Foundation. IFRS 19 Subsidiaries without Public Accountability Disclosures

Sustainability Disclosure Standards

The IFRS Foundation also oversees the International Sustainability Standards Board (ISSB), which has issued two sustainability disclosure standards. These sit within the broader IFRS ecosystem but are not part of the IFRS Accounting Standards listed above.

  • IFRS S1 — General Requirements for Disclosure of Sustainability-related Financial Information
  • IFRS S2 — Climate-related Disclosures

IFRS S1 requires disclosure of material sustainability-related risks and opportunities affecting cash flows, access to financing, or cost of capital, covering governance, strategy, risk management, and metrics. IFRS S2 adds climate-specific requirements, including Scope 1, Scope 2, and Scope 3 greenhouse gas emissions, physical and transition risk analysis, and scenario analysis. Both standards apply for annual periods beginning on or after January 1, 2024, though actual adoption depends on each jurisdiction’s regulatory decisions. As of early 2026, 21 jurisdictions have adopted the ISSB standards on a mandatory or voluntary basis.18IFRS Foundation. IFRS Foundation Publishes Jurisdictional Profiles Providing Transparency and Evidencing Progress Towards Adoption of ISSB Standards

Where the Standards Apply

IFRS is required for all or most publicly accountable entities in 148 jurisdictions, with 11 more permitting IFRS without requiring it. That translates to roughly 32,400 domestic listed companies worldwide, about 62% of the total on major exchanges.1IFRS Foundation. Who Uses IFRS Accounting Standards

The United States is the notable exception. U.S. domestic companies follow U.S. GAAP, not IFRS. The SEC does, however, permit foreign private issuers to file financial statements prepared under IFRS as issued by the IASB without reconciling to U.S. GAAP.19Securities and Exchange Commission. Acceptance From Foreign Private Issuers of Financial Statements Prepared in Accordance With International Financial Reporting Standards Without Reconciliation to US GAAP Adoption of IFRS is ultimately a regulatory decision at the jurisdiction level. A standard issued by the IASB may not be in force in a particular country until that country’s endorsement process is complete, so multinational companies need to track both IASB amendments and local endorsement status.