THE ROLE AND IMPORTANCE OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) IN INTERNATIONAL PRACTICE

Abstract

Abstract:This article examines the role and importance of International Financial Reporting Standards (IFRS) in international practice. IFRS serves as a unified framework for preparing financial statements, ensuring transparency, reliability, and comparability of financial information across different countries. The adoption of IFRS facilitates investment activities, improves access to international financial markets, and enhances the quality of corporate reporting. The study highlights the contribution of IFRS to global economic integration and the development of efficient financial reporting systems.