Accounting Standards are a set of principles or rules companies follow when they prepare and publish their financial statements. The accounting standards govern the reporting of transactions and events in the financial statements. The International Financial Reporting Standards (IFRS) bring transparency, accountability and efficiency to financial markets around the world. There is a wide variety of internal and external users of the financial statements.
Key learning objectives:
What are the objectives of IFRS?
How many countries have adopted IFRS?
Who are the users of the financial statements?