International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). These standards aim to bring transparency, accountability and efficiency to financial markets around the world.
Accounting standards are developed in the public interest in support of Singapore’s corporate governance and financial reporting framework. The accounting standard-setting process must be robust and credible to promote public confidence in the standards developed from the process.
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