Describe in details on the IFRS content based on your understanding

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IFRS is a set of accounting standards used globally to ensure consistency and transparency in financial reporting.

IFRS stands for International Financial Reporting Standards
It is developed and maintained by the International Accounting Standards Board (IASB)
IFRS aims to provide a common language for business affairs so that company accounts are understandable and comparable across international boundaries
Key principles of IFRS include fair presentation, going concern, accrual basis of accounting, consistency, materiality, and prudence
IFRS covers a wide range of topics including revenue recognition, financial instruments, leases, and consolidation
IFRS is mandatory in many countries for publicly traded companies
IFRS is constantly evolving to keep up with changes in the global business environment

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