give example to show that international financial reporting standards is principle based.

Asked by Harjotkaur4m | 29th Feb, 2020, 10:14: PM

Expert Answer:

IFRS stands for International Financial Reporting Standards established to have a single set of accounting standards which would help the investors to compare financial statements and the related information between different countries.
 
These standards do not show any detailed numerical standard or regulations. It only describes the broad accounting rules and therefore, such descriptions are called principle based standards.

Answered by Surabhi Gawade | 1st Mar, 2020, 12:11: AM

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