Question

Briefly explain your understanding of IFRS.

Answer 1

International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).

The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. IFRS provides general guidance for the preparation of financial statements, rather than setting rules for industry-specific reporting. 

Having an international standard is especially important for large companies that have subsidiaries in different countries. Adopting a single set of world-wide standards will simplify accounting procedures by allowing a company to use one reporting language throughout. A single standard will also provide investors and auditors with a cohesive view of finances.

Answer 2

Answer:

International Financial Reporting Standards (IFRS)

Explanation:

International Financial Reporting Standards (IFRS) are globally accepted accounting standard's developed by International Accounting Standard Board (IASB). IFRS is a set of accounting standard for reporting different types of business transactions and events in the financial statements. The objective is to facilitate international comparison for true and fair valuation of a business enterprise