What is the IFRS and what is its purpose?
International Financial Reporting Standards (IFRS) are a set of accounting standards that govern how particular types of transactions and events should be reported in financial statements. They were developed and are maintained by the International Accounting Standards Board (IASB).
What are the 4 principles of IFRS?
IFRS requires that financial statements be prepared using four basic principles: clarity, relevance, reliability, and comparability.
What is difference between GAAP and IFRS?
IFRS is a globally adopted method for accounting, while GAAP is exclusively used within the United States. GAAP focuses on research and is rule-based, whereas IFRS looks at the overall patterns and is based on principle. GAAP uses the Last In, First Out (LIFO) method for inventory estimates.
Why is IFRS important?
As a source of globally comparable information, IFRS Accounting Standards are also of vital importance to regulators around the world. And IFRS Accounting Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation.
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