What is IFRS? What does it do and how does it affect business?
Question:
What is IFRS? What does it do and how does it affect business?
Accounting Standard:
Financial accounting standards define accounting guidelines to be followed for financial reporting. The financial accounting standards effectively promote transparency and accuracy in financial reporting.
Answer and Explanation: 1
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View this answerIFRS (International Financial Reporting Standards):
The term IFRS is issued by the International Accounting Standards Board, International Accounting...
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Chapter 1 / Lesson 1Financial accounting functions to give data about a company's financial standing to outside people so they can make decisions. Explore the definition and purpose of financial accounting and discover the meanings of double-entry bookkeeping, financial statements, and the acronyms GAAP, FASB, and SEC.