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If IFRS is used, Abby's firm will report $50,000 in cash.
The reporting of specific kinds of transactions and events in financial statements is governed by a set of accounting rules called International Financial Reporting Standards (IFRS). They were developed and are kept up by the International Accounting Standards Board.
With the use of IFRS, organizations will be able to create financial statements that are uniform, trustworthy, and comparable for all businesses worldwide.
Financial statements must be created in accordance with the four fundamental criteria of clarity, dependability, relevance, and comparability, according to IFRS.
If Abby's company applies IFRS,
= $20,000 (cash) + $40,000 (cash) - $10,000 (liability)
= $50,000
To learn more about IFRS
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