WHAT IS IFRS ALL ABOUT?

After sending an article on our new IFRS Video Lectures,

I received over 250 emails of Accountants requesting

that I send them more details of what IFRS is all about.

So, I decided to research and write the article you are reading now.

Sit down, relax and read on……….

International Financial Reporting Standards (IFRSs) refers

to a series of accounting pronouncements published by

the International Accounting Standards Board (IASB) to help

preparers of financial statements, throughout the world,

produce and present high quality, transparent and comparable financial information.

The term “International Financial Reporting Standards (IFRSs) and

interpretations approved by IASB and International Accounting Standards (IASs) and interpretations issued by IASB's predecessor,

the Board of International Accounting Standards Committee (IASC).

Since IFRS standard is now adopted in Nigeria,

Nigerian reporting entities are now using the same

reporting framework as their peers worldwide which

would enhance the relevance of their reports in the international arena.

In addition, the greater precision of IFRS would improve the

comparability of reports between different entities in Nigeria and

could act as a catalyst to further develop the quality and

transparence of financial reporting in the country

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