objectives of IFRS

To maintain uniformity and use of same or single accounting standards, International Financial
Reporting Standards (IFRS) are developed by International Accounting Standards board (IASB).
Objectives of IASB:
(1) To develop the single set of high quality global accounting standards so users of information
can make good decisions and the information can be comparable globally.
(2) To promote the use of these high quality standards.
(3) To fulfill the special needs of small and medium size entity by following above objectives.

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​The objectives of the IFRS Foundation are:
  • to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. These standards should require high quality, transparent and comparable information in financial statements and other financial reporting to help investors, other participants in the world’s capital markets and other users of financial information make economic decisions
  • to promote the use and rigorous application of those standards
  • in fulfilling the above objectives, to take account of, as appropriate, the needs of a range of sizes and types of entities in diverse economic settings
  • to promote and facilitate adoption of International Financial Reporting Standards (IFRSs), being the standards and interpretations issued by the IASB, through the convergence of national accounting standards and IFRSs.​
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consider D.K. Aggarwal
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to promote accounting standards
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