International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that are intended to become the global standard for the preparation of public company financial statements.

Noteworthy, is that IFRS has not yet been adopted by the United States who as of 2016 continue to issue and receive reports using the GAAP format. Key differences between the IFRS and GAAP are as follows; IFRS does not permit Last In, First Out; in IFRS a single-step format for impairment write downs is used, as opposed to the two steps prescribed by GAAP.

http://www.ifrs.com/updates/aicpa/ifrs_faq.html

Companies who do business in in the 120 countries who have adopted IFRS. A list of countries that have done so is available here.

https://en.wikipedia.org/wiki/International_Financial_Reporting_Standards