Briefly explain IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organisation called the International Accounting Standards Board (IASB).
IFSR Provides global framework for should companies prepare and disclose their financial statements. All the general guidelines for preparation of financial statements are provided in IFRS.
IFRS provides international standards, having an international standard is very much important for the company. A single set of world wide standard will simply accounting procedure for a company to use one reporting language. Investors and auditors will also be provided with cohesive view of finance.
Currently more than 100 countries permit or require IFRS for companies, with more countries expected to transition to IFRS by 2015. IFRS is sometimes confused with IAS (International Accounting Standards), which are older standards that IFRS has replaced.
For more details visit IFRS Fee Structure