International Financial Reporting Standards (IFRS) are the set principles on how different types of financial transaction should be reflected in financial terms. The set IFRS standard ensures that business and other financial activities are carried out in the fairest way in the global business. It is a basis of financial reporting for the publicly held companies. Its adoption means that there is a fundamental change in the world of accounting. The IFRS is adopted by the International Accounting Standards Board. This essay assesses and analyzes the value of international Financial Reporting Standards in enhancing international comparability of financial performance and risk of multinational companies. This paper is organized in different parts that are as follows; the introduction, framework and background, conceptual framework, value and limitations of the international financial reporting standards, financial reports of the given companies, and qualitative characteristics of the conceptual framework and finally the relationship of financial reporting quality with the limitation of international financial reporting standards (Andrews, 2005). The international financial reporting standards originated from the International Accounting Standards (IAS), which was issued between 1973 and 2001 by International Accounting Standards committee (IASC). In April 2001, international accounting standards body was replaced by International Accounting Standards Board (IASB) which was charged with the responsibility setting international standards for accounting. During the first meeting, of the board they adopted international accounting standards and Standing Interpretations Committee standards (SIC’s). The board has continued to develop other international accounting standards calling them the IFRS (Nobes & Parker, 2010). In 1989, the framework for the preparation and presentation of financial statements (The framework) was approved by the IASC Board and published in the same year. In 2001, it was adopted by the IASB, and in 2010, the conceptual framework for financial reporting 2010 (The IFRS Framework) was adopted by IASB. The framework of the IFRS sets out the following on financial reporting; objectives, assumptions underlying financial reports, qualitative characteristics, elements and recognition criteria for the elements identified. The framework is as follows.  1. The concepts in the framework are not set out as the requirement for the preparation of general purpose financial reports. It consists the following; (a). Purpose of Statements of Accounting Concepts set out in the policy statement 5 The Nature and Purpose Statements of Accounting Concepts. (b). Non-mandatory statement of accounting concepts under Professional Statement APS 1 compliance with Accounting Standards. (c). Australian Securities and Investment Commission Act 2000.  2. The Framework applies to periods on or after January 2005,  3. The Framework shall not apply to financial reporting periods before January 2005.  4. When applicable the Framework supersedes (a). SAC 3 (Statement of Accounting Concept) Qualitative Characteristics of Financial information as issued in August 1990. (b). SAC 4 (Statement of Accounting Concept) Definition and identification of the basics of Financial Statements as issued on Ma