What is the concept of ifrs?

International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a global framework for financial reporting. The objective of IFRS is to ensure transparency, accountability, and efficiency in financial markets by allowing for consistent and comparable financial statements across different countries. This helps investors and stakeholders make informed decisions, as the standards enhance the reliability and clarity of financial information. IFRS is widely adopted by companies listed on stock exchanges around the world, though some countries may still use local GAAP (Generally Accepted Accounting Principles).