in fulfilling the objectives associated with (a) and (b), to take account of, as- appropriate, the special needs of small and medium-sized entities and emerging- economies; and to bring about convergence of national accounting standards and IFRSs to high quality solutions. IFRS (International Financial Reporting Standard) The mission of IFRS is to bring transparency, accountability and efficiency to financial markets around the world. It aims to build trust in the society and also to provide long-term financial stability. IFRS brings transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions. IFRS strengthens accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money. Our standards provide information that is needed to hold management to account. As a source of globally comparable information, IFRS is also of vital importance to regulators around the world. IFRS contributes to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. For businesses, the use of a single, trusted accounting language lowers the cost of capital and reduces international reporting costs. Foundational perspectives Art versus science perspective Art is defined as the expression or application of human creative skill and imagination, while the philosophy of art also deals with the nature of human creativity. Science is defined as the knowledge acquired through observation and experimentation which is critically tested, systematised and brought under general principles. The philosophy of science is the investigation of questions that arise from reflection upon the science and scientific practice. Mattessich says making the accounting discipline more scientific would not be achievable. 'In its functional perspective, accounting can be defined as the generic term for the activities carried out by accountants but also as a broad term that covers the preparation, analysis and audit for all financial information thus as the art of accounting.' True income versus decision usefulness This perspective discusses whether the financial paper should provide the information that reflects the true income or that supports decision making which is not necessarily objective or factually true. True income thought ‘Measurement of wealth and its effectiveness is judged based on how well it approximates the value of the wealth items.' Although one can argue that the meaning of 'true value' needs to be defined and it is true, but at least