The IASB amended many of the standards, but then began to issue its own standards, which were known as International Financial Reporting Standards (IFRS). The role of international auditing in the improvement of international financial reporting. It’s a set of accounting rules and standards that determine how accounting events should be reported in your business’s financial statements. The International Financial Reporting Standards Foundation (IFRS Foundation) is an "independent, not-for-profit private sector organisation working in the public interest". ... of several forces that underscore the significance of independent auditors as key enablers of the improvement of international financial reporting. This article introduces the International Financial Reporting Interpretations Committee (IFRIC) and discusses its organization, process and role in the authoritative interpretation of IFRS. (IFRS Foundation, n.d) The name, IFRS Foundation, is a new name, approved in January 2010, to the name International Accounting Standards Committee Foundation (IASC Foundation). The IASC was originally set up in 1973 and was the sole body to have both responsibility and authority to issue international accounting standards. In 2001, when the IASB took over responsibility for international financial reporting, it took on all of the IASC's standards (which were all prefixed with ‘IAS’ – e.g. The IFRS (International Financial Reporting Standards). The Enron accounting fraud not only brought down a major international CPA firm (Arthur Andersen) but also led to passage of the Sarbanes-Oxley Act of 2002. Purpose And Context Of International Financial Reporting 1272 Words | 6 Pages. International Journal of Latest Engineering Research and Applications (IJLERA) ISSN: 2455-7137 Volume – 01, Issue – 05, August – 2016, PP – 73-82 www.ijlera.com 2016 IJLERA – All Right Reserved 73 | Page The Role of International Financial Reporting Standards in Financial Reporting: Financial management maintains all necessary reports related to the finance of the organization and uses this as the database for forecasting and planning financial activities. The central authority, monitoring board is responsible for overseeing the IFRS Foundation trustees, participating in the trustee nomination process and approving appointments of new trustees. Scandals: Without a doubt, the rash of accounting and financial reporting scandals over the last two decades was one major reason for the step-up in activity by the standards setters. International Financial Reporting Standards (IFRS), are a single set of understandable and high-quality standards for general purpose financial reporting that are principles- based in contrast to the rules-based Generally Accepted Accounting Principle GAAP) … International journal of Business Management ISSN: 2520-5943 Available online at www.sciarena.com 2018, Vol, 3 (3): 111-121 The Role of International Financial Reporting Standards (IFRS) in Improving Accounting and Capital Market Transactions Farideh Lotfi … The article also explains how IFRIC differs from FASB’s Emerging Issues Task Force (EITF). This system is utilized by more than 110 countries around the world, including Canada, Australia, India, and China (although China and India have ‘customized’ the IFRS in … What is the role of this kind of reporting in the real world? IFRS stands for international financial reporting standards. 1.0 Purpose and context of International Financial Reporting 1.1 Description and Role of a Stock Exchange Companies issue share in the primary market through an initial public offering (IPO) in order to raise capital.