What are the key features of IFRS?

The International Financial Reporting Standards (IFRS) comprises a set of global accounting standards developed by the International Accounting Standards Board (IASB). The key features of IFRS are uniformity, comparability, transparency, and flexibility. Uniformity refers to the standardized principles and guidelines that ensure consistency in financial reporting across different countries and industries. Comparability, on the other hand, enables investors and stakeholders to assess and compare financial statements of different companies internationally. Transparency is a fundamental principle of IFRS, emphasizing on providing relevant and reliable information that allows users to make informed decisions. Finally, flexibility allows entities to adapt IFRS to suit their specific circumstances, within the parameters defined in the standards. Overall, IFRS plays a crucial role in achieving global financial transparency and facilitating effective capital allocation.

This mind map was published on 27 August 2023 and has been viewed 57 times.