International Financial Reporting refers to the set of accounting standards and guidelines used by companies to prepare their financial statements for global consistency. These standards, primarily established by the International Accounting Standards Board (IASB), aim to enhance transparency and comparability of financial information across different countries. The most widely adopted framework under International Financial Reporting is the International Financial Reporting Standards (IFRS). These standards help investors, regulators, and other stakeholders understand a company's financial health, regardless of where it operates, facilitating better investment decisions and fostering trust in the global financial system.