IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles)
What is IFRS?International Financial Reporting Standards are a set of accounting standards developed by the International Accounting Standards Board. The main AIM of IFRS is to provide guidance on the preparation and presentation of statements related to finance. IFRS is used in over 140 countries, including the European Union, Australia, Canada, and Japan, and its popularity in other countries is also increasing. The main goal of IFRS is to improve transparency, and consistency in financial reporting around the world…