What is IFC format conversion?

IFC format conversion:-
The Industry Foundation Classes (IFC) file format was developed by the International Alliance of Interoperability (IAI). Its main purpose is to provide architects and engineers with the ability to exchange data between CAD tools. IFC provides an interoperability solution between different software applications.

The format has established, international standards to import and export building objects and their properties. IFC provides a set of definitions for all object element types encountered in the building industry and a text-based structure for storing those definitions in a data file. IFC uses a plain text file, while CAD developers store data in product-specific binary file formats that best suit their own systems.
It reduces the loss of information during transmission from one application to another, with established standards for common objects in the building industry.