IFRS is international accounting standards.
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.
Is IFRS applicable in India?
IFRS are used in more than 140 countries worldwide, including most of Europe, Australia, and many countries in Asia and Africa. They are not currently mandatory in India, however many Indian companies have voluntarily adopted them in order to enhance their global competitiveness and investor appeal.