International Financial Reporting Standards (IFRS) are a set of globally recognized accounting standards developed by the International Accounting Standards Board (IASB), an independent, not-for-profit organization. IFRS is currently adopted or being implemented by over 120 countries. All EU member states require IFRS for listed companies since 2005, and many major economies are in the process of convergence or adoption. IFRS promotes transparency, consistency, and comparability in financial reporting across organizations worldwide….