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what do you mean by IFRS?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

what do you mean by IFRS? What are the advantages and disadvantages of IFRS?

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2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Let me informed that IFRS Stand for International Financial Reporting Standards and it is a single set of accounting standards, developed and maintained by the IASB with the intention of those standards being capable of being applied on a globally consistent basis—by developed, emerging and developing economies—thus providing investors and other users of financial statements with the ability to compare the financial performance of publicly listed companies on a like-for-like basis with their international peers. The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Global Comparability: When different companies are located in different countries, they use generally accepted accounting principal (GAAP) of that country. So comparison of financial statement of two companies located in different countries is difficult. When all companies in different countries follows the single set of accounting standard, comparability of financial statement becomes easy. If financial statements of the companies are prepared according to IFRS, owners/investors are able to compare it easily.

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