IFRS (International Financial Reporting Standards) are a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a global framework for how public companies prepare and disclose their financial statements. The goal of IFRS is to create a common accounting language that enhances transparency, accountability, and comparability of financial information across […]

It is well known that country-wise variations exist in accounting standards and financial reporting in the finance and accounting domain. In the USA the Financial Accounting Standard Board(FASB) assembled the prevalent practices and norms practised there in the shape of Generally Accepted Accounting Principles (GAAP) which indicates commonly accepted measures, principles and benchmarks upon compilation […]