The quality of the financial information plays a vital role in determining the economic reality of a company with the help of detailed and standardized financial statements and disclosures. IFRS have been essential in improving the quality of financial reporting by reducing the information asymmetry between company management and the users of the financial statements (Jara, Ebrero, & Zapata, 2011). IFRS-based financial statements offer standardized disclosures and better comparability, and the users of the financial statements obtain more reliable information for their respective decision-making purposes (Jara et al., 2011). This enhanced comparability enables the users of the financial statements to better exploit those statements for their respective decision-making purposes. The accounting profession as a whole is the main beneficiary due to this enhanced comparability.
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