International Financial Reporting Standards Updates and Challenges

Abstract

The International Financial Reporting Standards Foundation is a public interest foundation focused on designing and implementing standards that are compatible, comprehensive, and understandable all across the globe. IFRS has been continuously transforming its policies amid covid-19 and post-pandemic as well. We have critically analyzed the updates on IFRS standards by peeking into 2021 highlights. IFRS made progress by enhancing stakeholder engagement, efficient governance, and strategy, more focus on the growth and development of people, as well as Digital Financial, Reporting in 2021. It is now finalizing its plan for 2022-2026, considering the Third Agenda Consultation. There are many benefits to the implementation of IFRS, but there are a few challenges that come with its implementation as well