What is IFRSs?
IFRSs are accounting standards which are aimed at universal acceptability. They are set with the objective of suiting global requirements. The abbreviation is International Financial Reporting Standards. It includes International Accounting Standards (IASs), IFRICs and SICs (Interpretations). The nomenclatures are different due to some revamping of the board setting the standards. The latest name is IFRSs. IFRSs are nothing but global accounting standards.

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