Overview of IFRS

AFM Definition, Scope & Accounting Standards including Ind AS Free JAIIB Capsule 40 views Updated 16 Sep 2026

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AFM · Definition, Scope & Accounting Standards including Ind AS

What does IFRS stand for, and what is its primary purpose in global accounting?

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International Financial Reporting Standards. They serve as a common global language for business affairs, making accounts comparable across borders.

IFRS replaced the older International Accounting Standards (IAS). The IASB (International Accounting Standards Board) is the independent body that sets IFRS.

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Overview of IFRS — Full Text

What does IFRS stand for, and what is its primary purpose in global accounting?

Answer

International Financial Reporting Standards. They serve as a common global language for business affairs, making accounts comparable across borders.

Additional notes

IFRS replaced the older International Accounting Standards (IAS). The IASB (International Accounting Standards Board) is the independent body that sets IFRS.

Part of Accounting & Financial Management for Bankers · Definition, Scope & Accounting Standards including Ind AS · Last updated 16 Sep 2026

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