The International Financial Reporting Standards (IFRS), previously known as International Accounting Standards (IAS) are the set of guidelines and rules that all organisations adhere to in order to ensure their financial statements are consistent with other organisations across the globe. The IFRS specify how organisations must maintain and report their accounts, types of transactions, etc. The IFRS also set mandatory rules for various business components of key financial statements such as the statement of Financial Position, Comprehensive Income, Changes in Equity, and Cash Flow.