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Glossary

Main source: Wikipedia

‣ International Financial Reporting Standards (IFRS) are principles-based Standards, Interpretations and the Framework [1] adopted by the International Accounting Standards Board (IASB).

Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS.

‣ International Business Machines (IBM) (NYSE: IBM) is a multinational computer, technology and IT consulting corporation headquartered in Armonk, New York, United States. IBM is the world's fourth largest technology company and the second most valuable global brand[4] (after Coca-Cola). IBM is one of the few information technology companies with a continuous history dating back to the 19th century. IBM manufactures and sells computer hardware and software (with a focus on the latter), and offers infrastructure services, hosting services, and consulting services in areas ranging from mainframe computers to nanotechnology.[5] At the end of May 2010, IBM bought the Sterling Commerce Unit from AT&T for about $1.4 billion. This is the second largest acquisition by IBM.

IBM has been well known through most of its recent history as the world's largest computer company and systems integrator.[6] With almost 400,000 employees worldwide, IBM is second largest (by market capitalisation)[7] and the second most profitable[8] information technology and services employer in the world according to the Forbes 2000 list with sales of greater than 100 billion US dollars. IBM holds more patents than any other U.S. based technology company and has eight research laboratories worldwide.[9] The company has scientists, engineers, consultants, and sales professionals in over 200 countries.[10] IBM employees have earned five Nobel Prizes, four Turing Awards, nine National Medals of Technology, and five National Medals of Science.[11] As a chip maker, IBM has been among the Worldwide Top 20 Semiconductor Sales Leaders in past years.