International Financial Reporting Standards (IFRS) are a set of globally recognised accounting standards used to prepare and present the financial statements of companies, particularly listed and other “public interest” entities. In legal practice, IFRS are central to financial reporting, disclosure, due diligence, securities offerings, loan covenants, M&A, restructuring and insolvency analysis. In the UK, the requirement for certain companies to use IFRS in consolidated accounts is set out in the Companies Act 2006 and related secondary legislation, with endorsement and adoption now made at UK level post‑Brexit. In Ireland, similar obligations arise under the Companies Act 2014 and directly applicable EU law, with IFRS adopted through the EU endorsement mechanism. Across England and Wales, Scotland, Northern Ireland and Ireland, the term is used consistently to refer to standards issued by the International Accounting Standards Board (IASB), including extant International Accounting Standards (IAS). For lawyers, key issues include whether a client reports under IFRS or local GAAP, how particular IFRS treatments affect distributable profits, covenant compliance, tax outcomes, regulatory capital, and the interpretation of “true and fair view” in corporate and securities law.