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International Financial Reporting Standards and Xbrl International Financial Reporting Standards and Xbrl International Financial Reporting Standards (IFRS) & XBRLAndre AnsahProf. NiemotkoIntermediate Accounting IDecember 8, 2014 Review of LiteratureThe Globalization of business and finance has resulted in the development of International Financial Reporting Standards (IFRS) or GAAP. IFRS was developed by the International Accounting Standards Board.