International Accounting Standards

 International Financial Reporting Standards, commonly known as IFRS, are accounting standards issued by the IFRS Foundation and the IASB. These represent a systematic way of explaining the financial performance of the organization such that financial statements across international borders are clear and comparable. In more than 140 jurisdictions, international accounting standards are required and approved in many parts of the world, including South Korea, Brazil, the European Union, India , Hong Kong, Australia, Malaysia , Pakistan, GCC countries, Russia, Chile, the Philippines, South Africa, Singapore and Turkey. The International Accounting Standards Foundation has developed and posted profiles about the use of IFRS standards in individual jurisdictions to assess progress towards the goal of a single set of global accounting standards.