IFRS stands for International Financial Reporting Standards. It is a set of accounting standards developed by the International Accounting Standards Board (IASB) that provide a framework for the preparation of financial statements. IFRS is used by more than 100 countries around the world, including most countries in Europe and many countries in Asia and South America. It is designed to improve the comparability and transparency of financial reporting across different countries and industries. IFRS includes a number of different standards, each of which addresses a specific aspect of financial reporting. These standards cover topics such as revenue recognition, asset classification, and income tax. They provide guidance on how companies should account for different transactions and events in their financial statements. IFRS is an important tool for investors and other stakeholders because it helps them understand and compare the financial performance of different companies. It also promotes consistency and reliability in financial reporting, which helps to build trust in the financial markets.
