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General Accounting Discussions: IFRS

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    What is IFRS and what are the differences between other income statements?
    • CommentAuthorbiroly_72
    • CommentTimeSep 3rd 2009 edited
     
    As a result of globalization the wold is a small village today. There is no barriers on capital flows among countries and international trading. Financial statements of a local company must be understandable and comparable for financial statement users from foreign countries. All countries use their own accounting standarts. Ifrs is a project that to provide accounting standarts practicable all over the world and make financial statements from differenet countries familiar.
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    IFRS is the accounting standards for internationally traded companies. With IFRS fair value is more widely accepted than with US standards.

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