Today we are talking about IFRS and about its standards. First, let’s discuss the following questions.
1. What is IFRS? Write down the full name of the term.
3. Read the article about IFRS standards, paying attention to words in the bold.
Mission of the IFRS Foundation and
the International Financial Reporting Standards Board
Our mission is to develop IFRS Standards that bring transparency, accountability and efficiency to financial markets around the world. Our work serves the public interest by fostering trust, growth and longterm financial stability in the global economy.
• IFRS Standards bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions.
• IFRS Standards strengthen accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money. IFRS Standards provide information that is needed to hold management to account. As a source of globally comparable information, IFRS Standards are also of vital importance to regulators around the world.
• IFRS Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. For businesses, the use of a single, trusted accounting language lowers the cost of capital and reduces international reporting costs.
We are a not-for-profit, public-interest organisation with oversight by a Monitoring Board of public authorities. Our governance and due process are designed to keep our standard-setting independent from special interests while ensuring accountability to our stakeholders around the world.
Now write suitable words in the gaps.