Know about IFRS/ Ind AS
In the world of globalization, when the quantity of multinational corporations are ever expanding, standardization is a need, not a decision. Financial reporting is a fundamental part of business and requires standardization. IFRS focuses on precisely that by keeping up stability and transparency in the financial world. What is IFRS? What exactly IFRS stands for? International Financial Reporting Standards are Global unified reporting/ accounting standards that are used in preparing financial statements of a company viz, like account book, profit & loss account and cash flow statements. All the companies which are located in different countries use accounting standards of respective countries for preparing financial statements. Which standards were we using till now without IFRS? In India, we were using Indian GAAP/ Accounting Standards notified by the Government (MCA). There was no uniformity in the basis of preparing financial statements of the companies in diff