IFRS means International Financial Reporting Standard
IFRS is an accounting standard for corporate annual reports. Since 2005, all listed companies in the EU have been obliged to report in this way. IFRS is based on the older IAS standard. The basis is that it must be reported based on current values and not on the basis of the purchase value. The IFRS is not yet a completed story, there are still discussions going on how to interpret the standards.
The Conceptual Framework for the Financial Reporting [YouTube] UV8_lBm5csI [/youtube]
More about IFRS can be read in the books you can buy at BOL.