International Financial Reporting Standards (IFRS) have no doubt influenced most companies and organizations to adopt new accounting standards. The IFRS, formerly known as International Accounting Standards (IAS), were issued by International Accounting Standards Board (IASB). This changeover is beneficial if proper cooperation exists between auditors and clients. Further into the global financial arena, there is a need for transparency and consistent financial reporting, internationally. Therefore, the knowledge of IFRS is vital for all professionals who are in the field of accounting and auditing.

In today's business world, IFRS is receiving increased attention. Accounting professionals have realized the value of day by day reporting requirements and the needs of clients which are changing very rapidly. This has compelled them to know the need for upgrading their knowledge and to be a part of this changed scenario, leaving behind the old practices. Globalization has laid down a way to adopt a single set of Accounting Standards which meets the policy of convergence with the International Financial Reporting Standards (IFRS). India has decided to adopt the IFRS by April 2011, as the knowledge of IFRS has become a requisite professional need for persons in accounting and auditing fields.

The International Accounting Standard Committee (IASC) used to issue the International Accounting Standards (IAS) between 1973 and 2000; it was later replaced by the International Accounting Standard Board (IASB). The standards laid down by the committee are referred to as International Standards whereas the additional standards issued by the IASB are known as International Financial Reporting Standards (IFRS). Several countries prefer to follow these standards for preparing their accounts and have directed their listed companies to follow the same.

International Financial Reporting Standards, IFRS, Global financial arena, Financial reporting, International Accounting Standards, IAS, International Accounting Standards Board, IASB, International Accounting Standard Committee, IASC, Indian Accounting Standards, International Auditing and Assurance Standard Board.