Why do you need ifrs although you are having accounting standards?

International Financial Reporting Standards (IFRS) provide a consistent framework for financial reporting that enhances comparability and transparency across borders, which is essential for global businesses and investors. While local accounting standards may serve specific national needs, IFRS facilitates better understanding and analysis of financial statements by stakeholders worldwide. This uniformity helps reduce the cost of capital and improves access to international markets for companies. Overall, IFRS promotes a level playing field in the global economy.