(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). 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. 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. This article introduces the International Financial Reporting Interpretations Committee (IFRIC) and discusses its organization, process and role in the authoritative interpretation of IFRS. Purpose And Context Of International Financial Reporting 1272 Words | 6 Pages. The International Financial Reporting Standards Foundation (IFRS Foundation) is an "independent, not-for-profit private sector organisation working in the public interest". What is the role of this kind of reporting in the real world? It’s a set of accounting rules and standards that determine how accounting events should be reported in your business’s financial statements. 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 IASC was originally set up in 1973 and was the sole body to have both responsibility and authority to issue international accounting standards. 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. The IFRS (International Financial Reporting Standards). The IASB amended many of the standards, but then began to issue its own standards, which were known as International Financial Reporting Standards (IFRS). 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 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 … ... of several forces that underscore the significance of independent auditors as key enablers of the improvement of international financial reporting. 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 … The role of international auditing in the improvement of international financial reporting. 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. The article also explains how IFRIC differs from FASB’s Emerging Issues Task Force (EITF). 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) … IFRS stands for international financial reporting standards. 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.