REVIEW OF THE GLOBAL-IFRS ACCOUNTING AND THE RECENT SUSTAINABILITY-DISCLOSURE STANDARDS

Abstract

IFRS are high-quality standards for uniformly reporting companies’ financial information. The standards have become an accounting architecture for reporting of firms’ performances across different countries. As a response to the numerous calls for businesses to disclose sustainability-linked information, the recently, the IFRS Foundation established the ISSB an task it with the responsibility to develop a truly baseline of sustainability information to inform investment and economic decisions in global capital markets. This paper is intended to review the IFRS accounting and its recent IFRS sustainability standards. The paper offers that in order for the standard to improve accounting quality and result in economic benefits the standards should support companies in reporting what attracts and support investor decision-making of investors across global markets as well as conduct periodic professional accounting trainings for companies on how to reflects recent modifications and designs on the financial statements. The contributions have important implications for reforms, regulations, and future research. Subsequent studies can use this discussion as a reference basis in related studies.

Keywords

• IFRS
• IFRS Foundation
• IFRS Accounting Standards
• IFRS Sustainability Standards
• Financial Reporting