IFRS (International Financial Reporting Standards)

International Financial Reporting Standards (IFRS) are guidelines established to create a common accounting language for businesses worldwide. They ensure that financial statements—like balance sheets and income statements—are transparent, consistent, and comparable across different countries. This standardization helps investors, regulators, and other stakeholders make informed decisions based on a company’s financial health. By adhering to IFRS, companies demonstrate credibility and accountability, fostering trust in the global financial markets. Essentially, IFRS helps everyone interpret financial information consistently, regardless of where a business operates.