International Financial Reporting Standards, a.k.a. IFRS, are a set of commonly used accounting rules and guidelines that govern the reporting standards for various types of financial reports and accounting transactions. Almost every country in the world follows IFRS, with the exception of the United States, which follows the Generally Accepted Accounting Principles referred to as GAAP, which are established by the Financial Accounting Standards Boards and adopted by the U.S. Securities and Exchange Commission.
International Financial Reporting Standards Explained
IFRS, which are set by the International Accounting Standards Board, helps to create a level of standardization as the trend towards globalization continues. With more and more corporations ranging from banks to cannabis producers operating across multiple countries, standardized accounting rules like IFRS create stability, integrity, and trust for lenders, investors, and other stakeholders.« Back to All Glossary Terms
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