The Purpose of IFRS
International Financial Reporting Standards (IFRS) are global rules of finance to prepare and present statements. These standards ensure consistency in accounting procedures, which facilitates the understanding and comparison of financial accounts across national boundaries. IFRS was designed by the International Accounting Standards Board in 2003 and is accepted by over 168 countries worldwide. IFRS has become the worldwide standard for accounting over time. In this article, we will learn more about the impact, and benefits of IFRS. The Purpose of International Accounting Standards Well, today is the age of the Global economy where capital flow and cross-border transactions are very important. Presently, one in three transactions are international and that proportion is only going to increase. Companies regularly raise capital, do business abroad, or have investments across the world and investors are looking to invest globally more than ever. However, it was also ha