IFRS, or International Financial Reporting Standards, are a set of accounting rules developed by the International Accounting Standards Board (IASB). These standards aim to create a common financial reporting language that enhances transparency and comparability of financial statements across different countries. By adopting IFRS, companies can provide clearer information to investors, regulators, and other stakeholders. The use of IFRS is particularly important for multinational corporations, as it allows them to prepare their financial statements in a consistent manner, regardless of where they operate. Many countries have adopted IFRS, making it a global standard that facilitates international trade and investment.