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Frequently asked questions (FAQ) on IFRS!

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Introduction: Accounting is the backbone of the business financial world. The aim of financial reporting is to understand the business through the numbers and facts. Worldwide accounting practice was highly diverse and meaningfully comparing financial statements of entities located in different countries was very difficult. Considering the increasing trend of globalisation across the world, harmonisation in the accounting was necessary. International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board. In simple words IFRS are a set of accounting rules for how information should be gathered and presented in financial reports. They constitute a standardised way of describing the company's financial performance and position so that company  financial statements  are understandable and comparable across international boundaries. They are particularly relevant f...