Question

Explain the importance of IFRS

Answer 1

Answer:

IFRS specifies how businesses need to maintain and report their accounts. Created to establish a common accounting language, the goal of the international financial reporting standards is to make financial statements coherent and consistent across different industries and countries

Answer 2

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• IFRS specifies how businesses need to maintain and report their accounts. Created to establish a common accounting language, the goal of the international financial reporting standards is to make financial statements coherent and consistent across different industries and countries.
• IFRS is important because it makes important elements involved in international trade comparable and more transparent.