Accounting and financial reporting has been undergoing some changes in the recent years. This change is mainly brought about by the adoption of the IFRS accounting by companies from more than 100 counties all over the world. These 100 countries have been previously using the GAAP or the Generally Accepted Accounting Principles. After seeing the many advantages of using the IFRS accounting, these countries have abandoned the GAAP and are now using the IFRS.

IFRS accounting is a set of standar
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