11. FUNDAMENTAL OFINTERNATIONAL ACCOUNTING AND FINANCIAL REPORTING STABDARDS WITH IPSAS AND IFRS FOR SME’S
The Fundamentals of International Accounting and Reporting Standards International accounting is the study of accounting principles and practices across different countries. Its primary goal is to harmonize financial reporting worldwide to improve transparency, comparability, and reliability for investors and other stakeholders. Two of the most significant frameworks in this domain are the International Financial Reporting Standards (IFRS) and the International Public Sector Accounting Standards (IPSAS). International Financial Reporting Standards (IFRS) and IFRS for SMEs The International Financial Reporting Standards (IFRS) are a set of accounting rules issued by the International Accounting Standards Board (IASB). They are designed to bring consistency to financial reporting globally, allowing for easy comparison of financial statements from one company to another, regardless of the country they operate in (IASB, 2023). For smaller companies that do not have public accountability, t...