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The full form of IFRS is International Financial Reporting standard. It is a set of accounting principles that are developed by the International accounting standards board or the IASB. This body is based in London but today these principles have been adapted globally.
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The goal of IFRS
The most important goal of IFRS is to provide a global pattern based on which public companies will be able to prepare their financial statements. IFRS guides an organization and helps them to prepare financial statements. This body does not follow any rules. It simply helps an organization to prepare error free financial statements.
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Why do companies need to follow IFRS?
IFRS is especially important for large companies that have subsidiary companies all over the world. So it is important for the organization to adapt just one set of accounting principles so that the accounting process is simplified. This standard will help both auditors as well as investors have a complete view of the finances.
As of now there are as many as 100 countries that need to follow IFRS standards for their public companies. IFRS also helps to improve credit ratings of an organization. At times IFRS is confused with IAS. The IAS are the accounting principles that were adapted earlier and IFRS is not same as IAS. It has basically replaced IAS.
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The benefits of IFRS
- There are a number of corporate companies that are becoming multinational these days and it is for this reason that they need to adapt one set of accounting principles. This helps them to prepare financial statements keeping in mind the same set of accounting principles.
- IFRS makes it easier for companies to measure performance of their competitors who are working in different geographical locations. It is easier for both practitioners as well as investors understand just one set of accounting principles.
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