Explain the following: Features of International Financial Reporting Standards.

Features of International Financial Reporting Standards (IFRS) are: Single set of Accounting Standards based on fair value that would enable internationally to standardize and assure better quality on a global screen. It would also permit international capital to flow more freely, enabling companies to develop consistent global practices on accounting problems. It would be beneficial to the regulators too, as the complexity associated with the understanding of various reporting regimes would be reduced. For investors, it gives a better understanding to the financial statements and assess the investment opportunities available in foreign countries other than their home country. It also benefits the accounting professionals in a way that they will be able to sell their services in the different parts of world.