IFRS stands for International Financial Reporting Standards. Here the International Accounting Standards Board sets the accounting standing and it becomes global standard for the financial statement of the public company.
By adopting IFRS a business can present its financial statement like forign competitors which will be helpful to compare the financials easily. Further if subsidiary companies wish to use IFRS then they can use one accounting language globally.
Companies also need to comply with the requirements of IFRS if they are a subsidiary of a forein company or if they have foreign investor which reports under IFRS.
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