benefits of ifrs

Benefits of IFRS: (i) Global comparison of financial statements of any companies is possible (ii) Financial statements prepared by using IFRS shall be better understood with financial statements prepared by the country specific accounting standards. So the investors can make better decision about their investments. (iii) Industry can raise or invest their funds by better understanding if financial statements are there with IFRS. (iv) Accountants and auditors are in a position to render their services in countries adopting IFRS. (v) By implementation of IFRS accountants and auditors can save the time and money. (vi) Firm using IFRS can have better planning and execution. It will help the management to execute their plans globally.