Adopting IFRS can bring several benefits to businesses:
Increased Credibility: Financial statements prepared under IFRS are generally considered more credible and reliable by investors and creditors. Enhanced Comparability: IFRS facilitate better comparability of financial information across different companies and industries. Access to Capital: Companies using IFRS may find it easier to access global capital markets and attract international investment. Operational Efficiency: Standardized financial reporting can lead to improved operational efficiency and decision-making.