Author: Eric Gerard Ruiz, CPA
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What Is IFRS in Accounting? Application & Financial Statements
The International Financial Reporting Standards (IFRS) is a set of accounting standards designed in London, UK, by the International Accounting Standards Board or IASB. US companies don’t need to use IFRS because they follow US GAAP. However, if a US business operates in countries that use IFRS, then it must comply with the local accounting…