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IFRS

By Mushfiq Mazhar

International Financial Reporting Standards (IFRS)

IFRS stands for International Financial Reporting Standards and it is issued by the IFRS Foundation and the international Accounting Standards Board (IASB) to deliver a common business language which is used across private and public sectors around the world. The mission statement of IFRS is to bring transparency, accountability, and efficiency to the financial markets around the world and serve the public interest by generating trust, growth, and long-term financial sustainability in the world economy.

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