The article introduces International Financial Reporting Standards (IFRS) as a global set of accounting rules created by the International Accounting Standards Board (IASB). IFRS aims to provide a common framework for financial reporting across countries, focusing on the economic purpose of transactions and underlying rights and obligations. The IASB, based in London, oversees the development of these standards, which are principles-based and cater to the needs of integrated global capital markets. The predecessor of IASB, the International Accounting Standards Committee (IASC), was established in 1973 through collaboration among various professional accounting bodies from different countries.