What is important of International Accounting Standard?

The importance of International Accounting Standard is underpinned by the global nature and impact of virtually all business transactions. Investors from different business environments need a standardized form of reporting business transactions to ensure a fair and equitable analysis of businesses, and proper peer-to-peer comparison of businesses operating in different legal jurisdictions. International Accounting Standards enable such analysis and comparison by ensuring that businesses adopt similar fundamental rules in reporting their activities. However, such adoption is dependent on who the business believes are its stakeholders.