IFRS stands for:

**The reasoning** IFRS is a globally recognized accounting framework used to ensure consistency and transparency in financial reporting across different countries. The full meaning is **International Financial Reporting Standards**. Think of it as the "rulebook" that companies worldwide follow when preparing their financial statements — so investors in Nigeria can compare a company here with one in London or New York using the same standards. Nigeria adopted IFRS in 2012 for publicly listed companies, making it crucial knowledge for accounting and business exams. **Why the wrong options tempt you** All options start with "International" and use finance-related words, which can confuse you if you're guessing. **Option A** ("Free Reporting System") sounds plausible but "free" doesn't relate to accounting standards. **Option C** uses "Reform" which sounds official but isn't the correct term. **Option D** ("Funds Records Service") mixes genuine finance words but creates a non-existent acronym. **Quick takeaway** Remember: IFRS = **International Financial Reporting Standards** — the global accounting language that keeps financial statements honest and comparable worldwide.