In the context of property research, IFRS stands for International Financial Reporting Standards. They are a set of accounting standards that are used by companies all over the world to prepare their financial statements. IFRSs are designed to provide investors, lenders, and other stakeholders with a consistent and transparent view of a company's financial performance.
IFRSs are important for property research because they provide a common framework for understanding and comparing financial information about properties. This can be helpful for investors, lenders, and other stakeholders who are interested in the property market.
For example, IFRS 40, Investment Property, sets out the accounting requirements for investment properties. This standard specifies how investment properties should be measured and disclosed in financial statements.