Why should India adopt IFRS? Potential Benefits Explained
IFRS (International Financial Reporting Standards) is a set of accounting principles that are used globally for financial reporting. The main objective of IFRS is to create a single global language for business affairs by providing transparent and comparable information in financial statements. It was introduced by International Accounting Standards Board (IASB) to enhance the uniformity […]
What Are the Differences between IFRS and GAAP?
Financial reporting standards are important to provide transparency, consistency, and comparability of financial statements among businesses. International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) are two of the most popular accounting frameworks globally. While IFRS is a worldwide standard adopted by most countries, GAAP is mainly applied in the United States. The […]