INTERNATIONAL FINANCIAL REPORTING STANDARDS Definition

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INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS), often known by the older name of International Accounting Standards (IAS), are a set of accounting standards. They are issued by the International Accounting Standards Board (IASB).

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GOAL is the milestone the organization aims to achieve that evolves from strategic issues or operational improvement planning. They transform strategic issues into specific performance targets that impact the entire organization, or operational improvement that is more localized in nature. They can be qualitative or quantitative. Dependent upon usage, GOALS are general in nature, while OBJECTIVES are specific, measurable and time-based. In some organizations, the meanings for GOAL and OBJECTIVE are reversed.

TRUST FUND is a fiduciary relationship calling for a trustee to hold the title to assets, usually monetary, for the benefit of the beneficiary.

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