IFRS (International Financial Reporting Standards)
What is IFRS (International Financial Reporting Standards)?
IFRS is a set of accounting standards developed by the International Accounting Standards Board to provide a global framework for financial reporting. It is used in over 140 jurisdictions, including the European Union and many parts of Asia and South America.
Why It Matters
-
It facilitates international trade and investment by making financial statements comparable across borders.
-
IFRS is generally more principle based than the rule based GAAP used in the United States.
-
Global companies use these standards to simplify their reporting processes across multiple countries.
