The International Financial Reporting Standards are a set of international accounting standards used by businesses in the preparation of financial statements.

1. International Financial
Reporting Standards
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Definition
The International Financial Reporting
Standards are a set of international
accounting standards used by businesses
in the preparation of financial statements.

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Objectives
 The objective of International Financial Reporting Standards is
to create a global framework for how businesses prepare and
disclose their financial statements.
 Firms using the same standards in the preparation of their
financial statements can be compared with each other more
accurately.
 International standard is particularly important and beneficial
for large firms that have divisions across several nations. This
simplifies accounting procedures through the usage of one
reporting language throughout.

4. General features in International
Financial Reporting Standards:
1. Going concern
2. Offsetting
3. Consistency of presentation
4. Materiality and aggregation
5. Frequency of reporting
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5. A set of IFRS financial statements
is required to include:
1. A statement of cash flows
2. A statement of comprehensive income
3. A statement of change in equity
4. A statement of financial position
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