The implementation of International Financial Reporting Standard (IFRS) has resulted in the improvement of accounting quality. The IRFS implementation in financial reports since the economic standard creates the basis of all reporting in both profit and non-profit sectors. The report outlines the effects impacted by the adoption of IFRS in the statements of finance which has resulted in improvement in the quality of accounting. The report also explains the impact of IFRS on AASB as well as financial reporting.