Question

how do international financial reporting standard help users prepares and auditors of financial statements respectively
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Answer 1

The International Financial Reporting Standards (IFRS) are accounting standards sets developed by a body called the International Accounting Standards Board (IASB).

• IFRS is intended to add clarity to the procedures, language and statements of accounting and to help companies and users make informed financial decisions.

• It helps the user prepare financial statements by providing a global framework as to how businesses should disclose their financial statements.

• It also helps in tracking the income of business, thereby providing a transparency to efficiently prepare the statements.