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What is IFRS

IFRS is an international accounting standard.

IFRS is an international accounting standard.

IFRS stands for International Financial Reporting Standards. The purpose of IFRS is to regulate the financial information presented by international companies. It provides better insight into the financial conditions of a company and makes it easier for companies from different countries to collaborate. International standards also put pressure on all countries to maintain a consistent level in accounting.

Which companies are required to prepare financial statements according to IFRS?

The regulations governing accounting practices in Australia are established by the Australian Accounting Standards Board (AASB), an autonomous agency under the Australian Government. These standards hold the status of legal mandates for companies and are obligatory for the preparation of comprehensive financial reports by both public and private entities.

Aligned with the International Financial Reporting Standards (IFRS), the Australian Accounting Standards comply with global accounting norms. While the International Accounting Standards Board (IASB) primarily oversees international standard-setting, the AASB retains authority in shaping standards that pertain specifically to Australia.