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One of the main objectives of the adoption of the International Financial Reporting Standards (IFRSs) is to assist users to make a comparison about the financial performance of companies from different countries. Choose two companies from two different countries which adopted IFRSs and access their latest annual reports. Based on the information in annual reports:
The objective of the Preface to International Financial Reporting Standards is to set out the International Accounting Standards Board’s (IASB’s) mission and objectives, the scope of International Financial Reporting Standards (IFRSs), due process for developing IFRSs and Interpretations, and policies on effective dates, format, and language for IFRSs.
Under the IFRS Foundation Constitution, the objectives of the IASB are: