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Explanation:

. Advantages of IFRS compared to GAAP reporting standards

1.1 Focus on investors. ...

1.2 Loss recognition timeliness. ...

1.3 Comparability. ...

1.4 Standardization of accounting and financial reporting. ...

1.5 Improved consistency and transparency of financial reporting. ...

1.6 Better access to foreign capital markets and investments.

Lanuel

The two (2) advantages of preparing a financial statement in accordance with IFRS include:

  1. Global comparability of financial statements.
  2. Standardization of all accounting methods and financial reports.

What is IFRS?

IFRS is an acronym for International Financial Reporting Standards and it can be defined as a set of accounting standards or rules that are issued by the International Accounting Standards Board (IASB).

The main purpose of the International Financial Reporting Standards (IFRS) is to ensures that financial statement or statement of income is consistent, transparent and comparable globally when reported by accountants.

The advantages of IFRS.

The two (2) advantages of preparing a financial statement in accordance with IFRS include:

  1. Global comparability of financial statements.
  2. Standardization of all accounting methods and financial reports.

Read more on IFRS here: https://brainly.com/question/2167842

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