Objectives Of International Financial Reporting Standards

Its principal objectives are.

Objectives of international financial reporting standards. The main aim is to improve the reliability of financial statements. They are issued by the. International financial reporting standards ifrs is a set of accounting standards developed by the international accounting standards board iasb that is becoming the global standard for the preparation of public company financial statements. The objectives of the international accounting standards committee are to develop accounting standards which are to be observed in the presentation of audited financial statements and to promote their worldwide acceptance.

International financial reporting standards ifrs is a set of accounting standards developed by an independent not for profit organization called the international accounting standards board iasb. The goal of ifrs is to provide a global framework for how public companies prepare and disclose their financial statements. Ifrs 1 first time adoption of international financial reporting standards sets out the pro ce dures that an entity must follow when it adopts ifrss for the first time as the basis for preparing its general purpose financial state ments. According to international accounting standard board iasb the objective of financial reporting is to provide information about the financial position performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.

To develop in the public interest a single set of high quality understandable enforceable and globally accepted international financial reporting standards ifrs standards based upon clearly articulated principles. International financial reporting standards ifrs is a set of accounting standards developed by an independent not for profit organization called the international accounting standards board iasb. Its headquarters is situated at london. Now because the financial statements have to be made following the standards the users can rely on them.

Let us see the main objectives of forming these standards. International financial reporting standards ifrs were established to bring consistency to accounting standards and practices regardless of the company or the country.