The International Accounting Standards Board (IASB) develops and approves International Financial Reporting Standards (IFRSs). IFRSs are a set of international accounting standards that specify how transactions and events should be reported in financial statements. The IASB has the authority to set IFRSs and approve interpretations of the standards. IFRSs are important because they enhance worldwide financial statement comparability for investors, improve reporting quality, reduce the need for separate national standards, and lower reporting costs. IFRSs differ from some countries' standards like GAAP in areas such as inventory costs, treatment of intangibles, asset write-downs, balance sheet format, and asset revaluation policies.