International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that aim to make financial statements comparable, transparent, and understandable across different countries. These standards provide guidelines on how particular types of transactions and other events should be reported in financial statements, facilitating international trade and investment by creating a common financial reporting language. Adopting IFRS helps companies to present their financial performance consistently, improving the quality of financial information for investors and stakeholders globally.
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