You should know that the International Accounting Standard Board (IASB) has the authority to set International Financial Reporting Standard (IFRS) and to endorse explanation of these standards.
IFRSs are intended to be applied by profit-orientated entities. These entities financial statements give information about performances, position and cash flow that is useful to a range of users making financial decisions. These users include shareholders, creditors, employees and the general public. A complete of financial statements includes a :
