IFRS
IFRS (International Financial Reporting Standards) is a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a common global language for business affairs, ensuring that financial statements are consistent, transparent, and comparable across international boundaries. It is used by companies in over 140 jurisdictions to prepare and present their financial reports, covering aspects like revenue recognition, asset measurement, and financial disclosures.
Developers should learn IFRS when working on financial software, accounting systems, or fintech applications that require compliance with international accounting rules, such as in ERP systems, banking platforms, or reporting tools for multinational corporations. Understanding IFRS helps in designing data models, implementing calculation logic, and ensuring regulatory adherence in projects involving financial data processing or cross-border transactions.