Insurance is an arrangement in which a company provides financial protection to an individual or organization in exchange for payment of premiums. It is a way to reduce risk and provide peace of mind to the policyholder. Insurance plays a vital role in modern society, providing financial security and stability in times of need.

In modern times, Luca Pacioli is often considered to be a father of accounting in the development of accounting. He was an Italian mathematician and Franciscan friar who lived in the 15th century and is known for publishing the first printed book on double-entry bookkeeping in 1494. However, even Pacioli’s work built upon earlier concepts and practices that had been in use for centuries.

Yes, International Financial Reporting Standards (IFRS) are mandatory for companies in many countries that have adopted them, including International Accounting Standard 1 (IAS 1). This standard sets out the overall requirements for financial statements, including the structure, content, and presentation of financial statements.