IFRS are accounting rules for public companies with the goal of making company financial statements consistent, transparent, and easily comparable around the world.
IFRS are developed to ensure common accounting rules. The goal is to make financial statements consistent, reliable, and comparable across businesses worldwide.
The adoption of IFRS offers several significant benefits. Firstly, it enhances comparability by providing a consistent framework for financial reporting across different countries, enabling investors and stakeholders to make more informed comparisons between companies.
Secondly, IFRS improves transparency by ensuring that financial statements are presented in a clear and comprehensive manner, which builds trust and confidence among investors.
Additionally, it promotes consistency in financial reporting, which facilitates smoother cross-border investments and economic integration.