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International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries.
They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.
Students are also required to choose and comment on a relevant IFRS standard either related to capital market or social accounting or environmental accounting.
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International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB), a new concept of international accounting standards in accordance with the generally accepted accounting principles. It is a principle based standard which cannot be easily identified. The major objectivity of IFRS is to develop high set of quality, legally enforceable and understand ability of the accounting standards that are accepted globally. It also helps in promoting the use of such important applications. IFRS has been recognized in many parts of the world including Hong Kong, Australia, Singapore, Pakistan and US.