The English acronym IFRS - International Financial Reporting Standards means International Financial Information Standards, translated into Portuguese.
IFRS are a set of international accounting standards, issued and revised by the IASB - International Accounting Standards Board (Council of International Accounting Standards), which aim to standardize accounting procedures and policies existing between countries, improving the conceptual framework and providing the same interpretation of the statements financial.
For the analysis of financial reports to be interpreted in the same way by its users (managers, investors, analysts and institutions) it is necessary that the Qualitative characteristics such as clarity, reliability, relevance, and the balance between cost and benefit in the preparation of financial statements, have the same criteria.
The Accounting Pronouncements Committee (CPC) was created through CFC Resolution No. 1,055/05 with the objective of issue technical pronouncements aiming at the convergence of Brazilian accounting to international standards.
See also the Accounting Principles.