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IFRS stands for International Financial Reporting Standards. It is a set of accounting standards developed by the International Accounting Standards Board (IASB), an independent international standard-setting body. IFRS provides a common global language for business affairs so that company financial statements are understandable and comparable across international boundaries. The goal of IFRS is to improve the transparency, comparability, and reliability of financial reporting globally. It aims to achieve this by providing a single set of high-quality, globally accepted accounting standards that companies can use to prepare their financial statements. IFRS covers a wide range of accounting topics, including the recognition, measurement, presentation, and disclosure of financial information in financial statements. It includes standards for various types of transactions and events, such as revenue recognition, leasing, financial instruments, and consolidation of financial statements for group entities. Many countries around the world have either adopted IFRS or converged their national accounting standards with IFRS to some extent. However, the degree of adoption and implementation may vary from country to country. In some jurisdictions, listed companies or certain types of entities are required to use IFRS for their financial reporting, while in others, its use may be optional or not required at all. Overall, IFRS plays a crucial role in promoting transparency and comparability in financial reporting on a global scale, facilitating investment decisions, and fostering international trade and capital flows.

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