system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: What's is IFRS and what is its purpose ?

(International financial reporting standards)
gpt
The idea is that a company doing business in Germany might have a different way of accounting for its expenses and revenue and assets and everything than a company in Canada. But by having a standard, agreed upon set of practices for accounting, now that company in Germany can expand to Canada and the company in Canada can expand to Germany without having to learn a completely new way of accounting and then figuring out how to adopt that into its own country's system.