IFRS

IFRS



IFRS

Introduction

The International Financial Reporting Standards (IFRS) are international accounting standards for companies which are issued by the International Accounting Standards Board (IASB). They were founded in 2001 which were made to promote the use and application of the accounting standards. The intention of these accounting standards was due to the reporting of different accounting transaction and other circumstances reported in financial statements. In this paper we will discuss the structure of the IFRS Foundation and outline the main functions of its constituent bodies (Ko, J., 2011, pp. 5).

Discussion

The older standard i.e. the International accounting Standards (IAS) (1973-2000) ...