IFRS stands for international financial reporting standards. It is a set of accounting rules and standards that determine how accounting events should be reported in your businesses’ financial statements. IFRS make financial statements consistent, comparable, and transparent across the world.
Benefits of IFRS
In present era of globalization, cross-border transactions are commonplace, with vast numbers of businesses seeking investment opportunities across the globe. Adoption of IFRS eliminates the problem by ensuring that different countries adopt the same, globally applicable set of accounting standards, instead of adopting different accounting standards in different countries.