International financial reporting standards (IFRS) and its influence on Pakistan
International financial reporting standards (IFRS) and its influence on Pakistan
Worldwide application of IFRS (International Financial Reporting Standard) not only standardize the accounting treatments but also helpful in producing true and fair financial statements. All the counties using IFRS (International Financial Reporting Standard) can easily make comparisons of their financial statements across the industries and countries. Because of its fair results these are highly reliable standards for the allocation of resources and for keeping the accounting records. ICAP (In