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International Financial Reporting Standards

Finance and Accounting

International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that govern how companies prepare and present their financial statements. They are used in over 140 countries to promote consistency and comparability of financial reporting across borders, contrasting with U.S. GAAP used domestically in the United States. Accountants and auditors at multinational companies must understand IFRS to prepare compliant financial reports for international stakeholders.

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