View source for International Financial Reporting Standards (IFRS)

== What are International Financial Reporting Standards (IFRS)? ==

International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that provide a common framework for the preparation of financial statements. These standards are used in over 140 countries around the world, including the European Union, and are becoming increasingly influential as a global standard for financial reporting.

IFRS is designed to provide a consistent and transparent basis for the preparation of financial statements, enabling users of the financial statements to understand and compare the financial performance and position of different companies. The standards cover a wide range of topics, including the recognition and measurement of assets and liabilities, income and expenses, and the presentation and disclosure of [[Financial Statement|financial statements]].

IFRS is based on the principle that financial statements should provide information that is useful to investors, lenders, and other stakeholders in making economic decisions. To achieve this, the standards place an emphasis on the need for financial statements to be relevant, reliable, comparable, and understandable.

Overall, IFRS is a set of accounting standards that provide a common framework for the preparation of financial statements and are used in over 140 countries around the world. They are designed to provide a consistent and transparent basis for the preparation of financial statements and to enable users of the financial statements to understand and compare the financial performance and position of different companies.





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