What is the Scope of IFRS? As per the survey by  IASB , more than 140 countries mandate or allows the use of IFRS for the financial reporting purpose of their publicly accountable entities. This includes the European Union, many countries in Asia and Latin America, and Canada etc. In U.S.A., they use US GAAP (Generally Accepted Accounting Principles) for financial reporting purposes of the publicly listed entities. However, U.S. allows foreign private issuers to present their financial statements using IFRS for reporting purposes.   Objectives of IFRS: Why They Matter The purpose of IFRS is to bring harmony in the accounting language and bring ease in doing business internationally by standardising financial reporting across the globe. Accordingly, making it easier for investors, regulators, and other stakeholders through the financial statements which are reliable, transparent and comparable even from different organizations from various countries. India made a com...