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International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the London based International Accounting Standards Board (IASB) that is becoming the global standard for preparation of public company financial statements. It has been adopted by more than 100 countries already. It is widely expected that by 2011 a clear majority of the largest global companies could be using IFRS. In India, the Institute of Chartered Accountants of India
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