Question

what is IFRS? what are the various differences between IFRS and accounting standards? There are how many number of AS IFRS?

Answer 1

International Accounting Standard Board (IASB) has developed financial standards, which are now becoming the global standard for preparing accounts and these measures are called as IFRS or International Financial Reporting Standards.

Before 1st April 2001, the IASB was called as IASC (International Accounting Standards Committee) and the guidelines issued by them were referred as IAS (International Accounting Standards).

Today more than 120 countries worldwide follow the IFRS accounting standards and now more and more countries are adopting for such standards to ensure uniformity and transparency in their accounts.

Answer 2

IFRS are designed to bring consistency to accounting language, practices and statements, and to help businesses and investors make educated financial analyses and decisions. The IFRS Foundation sets the standards to “bring transparency, accountability, and efficiency to financial markets around the world…