Abstract
This article presents the importance, development and conditions of creation of International Financial Reporting Standarts, which is developing all over the world. The accounting profession is very conservative, and therefore its representatives are wary of such new products and quite rightly want to first get a thorough analysis of the effectiveness of IFRS, their functionality and reliability, and only then make a decision on the possibility of their use for investors. It must be said that in Western countries, IFRS has already become widespread, becoming a familiar way for businesses to organize the accounting system.
Keywords
business
costs