About IFRS

International Financial Reporting Standards (IFRS) is a set of international accounting standards that specify how specific types of transactions and other events should be reflected in the financial statements. IFRSs are published by the International Financial Reporting Standards Board, and they accurately determine how accountants should maintain and present accounts. IFRS was created in order to have a “common language” of accounting, because business standards and accounting can vary from company to company, and from country to country.

 The purpose of IFRS is to maintain stability and transparency in the financial world. This allows enterprises and individual investors to make qualified financial decisions, as they can accurately see what is happening with the company in which they want to invest.

 IFRSs are standard in many parts of the world, including the European Union and many countries in Asia and South America, but not in the United States. The Securities and Exchange Commission (SEC) is in the process of deciding on the adoption of standards in America. The countries that benefit most from standards are those that conduct international business and invest in it. Experts suggest that the global implementation of IFRS will save money on alternative comparative costs, as well as allow more freely transmit information.

 In countries that have adopted IFRS, it is beneficial for both companies and investors to use this system, as investors are more likely to invest in a company if the company's business practices are transparent. In addition, the cost of investment is usually lower. International business companies benefit most from IFRS