What do you mean by IFRS explain its objectives?

IFRS full form is International Financial Reporting Standards. As the name suggests, its purpose is effective, efficient, and accurate reporting of financial statements using standard accounting principles to ensure transparency, consistency, growth, and interest of public services.

What is the main objective of financial reporting?

The objective of financial reporting is to track, analyse and report your business income. The purpose of these reports is to examine resource usage, cash flow, business performance and the financial health of the business. This helps you and your investors make informed decisions about how to manage the business.

What are the objectives of IFRS Class 11?

Its principal objectives are:

to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRS Standards) based upon clearly articulated principles.
to promote the use and rigorous application of those standards;

What are the main objectives of accounting standards?

The primary objective of Accounting Standards are: To provide a standard for the diverse accounting policies and principles. To put an end to the non-comparability of financial statements. To increase the reliability of the financial statements. To provide standards which are transparent for users.

What are the basic objectives of having accounting standards?

The primary objective of Accounting Standards are: To put an end to the non-comparability of financial statements. To increase the reliability of the financial statements. To provide standards which are transparent for users.

What are the two basic objectives of having accounting standards?

Objectives of accounting standards are: (1) To make financial statements more meaningful and comparable. (2) To enable the compatibility of financial statements and thereby improve their reliability and usefulness.

What are the features of IFRS?

What are the main or basic features of IFRS?

Relevance: So that it makes a difference to the decisions about a company made by users of the statements.
Faithful representation: Financial statements are complete and free from bias and error.

What is an accounting standard explain the objectives of accounting standards?

Accounting Standards (AS) are basic policy documents. Their main aim is to ensure transparency, reliability, consistency, and comparability of the financial statements. They do so by standardizing accounting policies and principles of a nation/economy.

What are the two objectives of accounting?

Objectives of Accounting:

The following are the main objectives of accounting:
To maintain full and systematic records of business transactions:
To ascertain profit or loss of the business:
To depict financial position of the business:
To provide accounting information to the interested parties: