IFRSfair

IFRSfair is a financial reporting standard that aims to provide a consistent and transparent framework for the preparation and presentation of financial statements. It is based on the International Financial Reporting Standards (IFRS), which are a set of accounting rules for the public sector and private companies. IFRSfair was developed by the International Accounting Standards Board (IASB) and the International Public Sector Accounting Standards Board (IPSASB) to address the specific needs of public sector entities.

The primary objective of IFRSfair is to enhance the comparability and reliability of financial statements, thereby improving the quality of financial information available to users. It achieves this by promoting a consistent approach to accounting principles, disclosures, and presentation. IFRSfair also emphasizes the importance of ethical behavior and integrity in financial reporting.

The standard covers a wide range of topics, including revenue recognition, expenses, assets, liabilities, and equity. It provides detailed guidance on how to account for various transactions and events, ensuring that financial statements are prepared in accordance with high-quality accounting principles.

IFRSfair is designed to be flexible and adaptable, allowing for the unique characteristics and circumstances of public sector entities. It recognizes that public sector entities often have different financial reporting needs compared to private companies, and it provides specific guidance to address these differences.

In summary, IFRSfair is a comprehensive financial reporting standard that aims to provide a consistent and transparent framework for the preparation and presentation of financial statements for public sector entities. It is based on the International Financial Reporting Standards (IFRS) and is designed to enhance the comparability and reliability of financial information, promoting ethical behavior and integrity in financial reporting.