IFRS is an acronym that stands for International Financial Reporting Standards, also known as iGAAP. These standards are issued by the International Accounting Standards Board (IASB). All nations of the European Union require all listed companies to adhere to IFRS. American companies use GAAP (Generally Accepted Accounting Principles), but the SEC is laying the groundwork that will require all American Companies to adopt IFRS by the year 2016. Currently over 100 countries use IFRS.