International Financial Reporting Standards (IFRS) are crucial for consistent financial reporting globally. They provide a common language for financial statements, aiding entities like 'GlobalX' in presenting their financial health accurately. The IFRS Foundation and IASB ensure these standards are up-to-date and universally accepted, impacting international trade and investment. Key components like the balance sheet and standards such as IFRS 9, 15, 16, and 17 are highlighted.
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IFRS are a set of accounting guidelines that promote uniform financial reporting across international borders
IFRS aim to ensure financial statement transparency and comparability for stakeholders like investors and regulatory bodies
IFRS have been refined and expanded by the International Accounting Standards Board (IASB) since its inception in 2001
IFRS are now mandated or permitted in over 140 jurisdictions globally, supporting international trade and investment
IFRS provide a common financial language, enhancing global market efficiency and economic growth
Financial statements under IFRS, including the balance sheet, income statement, and statement of cash flows, accurately represent a company's financial health
The IFRS Foundation governs the IASB and is responsible for the development and promotion of IFRS standards
The mission of the IFRS Foundation is to establish and promote a single set of high-quality, globally accepted accounting standards
The IASB undertakes rigorous processes to maintain and enhance the quality of IFRS standards, incorporating stakeholder input
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The ______ works with the ______ to develop and promote the application of IFRS, which are used in over ______ jurisdictions.
IFRS Foundation
International Accounting Standards Board (IASB)
140
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IFRS inception year
IFRS were refined and expanded by the IASB since 2001.
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Purpose of IFRS transition
To ensure financial statement transparency and comparability for stakeholders.
