Conceptual Framework for Sustainable Development of International Financial Reporting Standards

The existence of International Financial Reporting Standards (IFRS) implies uniformity in financial reporting, providing stakeholders the ability to assess and compare data from various organizations across different countries. This trend contributes to the consistency of financial reporting, benefiting investors and analysts. The widely accepted system of standards underscores the importance of consolidated rules for accounting and related transactions in the international arena, fostering effective economic interaction among companies. These standards provide a common foundation for financial reporting in different countries and facilitate the comparability of information presented in financial statements. The research aims to reveal the approach of continuous improvement of IFRS through regular review and updating its accounting standards. The methods employed in the research include synthesis, abstraction, classification, analysis, synthesis, and modeling. Within the research framework, the authors proposed a methodology for comparing financial reporting according to IFRS. The examined advantages of IFRS make them a crucial tool in promoting transparency, comparability, and accountability in the global business environment, remaining relevant amid the rapidly changing global financial landscape.