International Financial Reporting Standards is the combination of accounting standard. It states that how different types of the transaction and other accounting events should be reported in the financial statement. It is declared by the International Accounting Standards Board.
International Financial Reporting Standards (IFRS) aspires to bring the entire nations in the world under a similar set of global accounting standards that presents consistency, transparency, and compatibility in financial reporting system. According to a fact financial regulators in several countries have generated high demand for IFRS compliant financial statement (David, Christopher, 2008).