International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) are a set of globally accepted accounting standards and principles developed by the International Accounting Standards Board (IASB) for the preparation and presentation of financial statements by companies and organizations worldwide. IFRS aims to provide a common framework for financial reporting, enhance transparency, comparability, and reliability of financial information, and facilitate international investment, capital allocation, and financial analysis. IFRS is used by publicly traded companies, multinational corporations, and organizations operating in countries that have adopted or converged with IFRS.