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What are the objectives of IFRS according to 11 class?
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What are the objectives of IFRS according to 11 class?
Objectives of IFRS according to 11 class



  • Standardization of Financial Reporting: The primary objective of IFRS is to standardize financial reporting across the globe. IFRS provides a common language for businesses to communicate their financial information, making it easier for investors and stakeholders to understand and compare financial statements of different companies.


  • Improving Comparability and Transparency: IFRS aims to improve comparability and transparency of financial statements, making it easier for investors to make informed decisions. This is achieved by ensuring that financial statements are prepared using consistent and transparent accounting policies and principles.


  • Facilitating Cross-Border Investment: IFRS aims to facilitate cross-border investment by providing a common set of accounting standards that are recognized and accepted globally. This helps to reduce the cost and complexity of preparing financial statements for companies operating in multiple jurisdictions.


  • Enhancing Financial Stability: IFRS aims to enhance financial stability by promoting accurate and reliable financial reporting. This helps to prevent financial crises by ensuring that investors have access to timely and accurate information about a company's financial position and performance.


  • Encouraging Economic Growth: IFRS aims to encourage economic growth by improving the quality of financial reporting, making it easier for investors to make informed decisions and allocate capital to the most productive investments.


  • Encouraging Innovation and Efficiency: IFRS aims to encourage innovation and efficiency by providing a common set of accounting standards that are flexible enough to accommodate new and emerging business models and technologies.


  • Promoting International Trade: IFRS aims to promote international trade by providing a common set of accounting standards that are recognized and accepted globally. This helps to reduce barriers to trade by ensuring that companies can prepare financial statements that are easily understood and comparable across different jurisdictions.

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What are the objectives of IFRS according to 11 class?
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