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IFRS is the abbreviation of International financial reporting standard.It can be described as the set of international accounting standards. IFRS tells us that how some specific type of transaction and other things should be reported in the financial statement. International financial reporting standard were established in the European Union to make business and account accessible all over the Europe. It has spread across the world, but most of the countries do not use it fully. United States is one the countries who has not tried adopting IFRS yet. International financial reporting standard is issued by the international accounting standard board (IASB).
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