International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. This overview covers the history, purpose, and key principles of IFRS, as well as their adoption and implementation worldwide. Understanding IFRS is essential for companies operating across borders, investors, analysts, regulators, and anyone involved in the preparation or analysis of financial statements.