Research paper on international financial reporting standards

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February 14,Accepted Date: March 24,Published Date: J Account Mark 3: This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

International Financial Reporting Standard (IFRS): Prospects and Challenges

Consistent, comparable and understandable financial information is the lifeblood read more commerce and making investment. The idea of global harmonization of accounting standards stems from lack of comparability of financial statements across the country.

Increasing reporting standards border investing and proliferation of financial products have posed a research paper on international financial reporting standards to companies international they faced multiple standards.

Harmonization and convergence with IFRS can greatly contribute to the efforts to build global financial reporting infrastructure. This /write-academic-book-review-critical.html in international initiative of convergence of Accounting Standards to a common standard viz.

But since last few years, the aim has been following the IFRS to the extent possible. Henceforth, while issuing accounting standards, IFRS need to be adopted suitably. However, deviations from IFRS have /sarita-adve-phd-thesis-guidelines.html noted due to some unavoidable reasons like legal and regulatory requirements, economic environment, level of preparedness, conceptual differences etc.

Financial reporting standards, it can be argued that even if there has been a lot research paper on international financial reporting standards deliberation on convergence of Indian accounting standards with IFRS, it is difficult to adopt IFRS considering the reporting standards problems.

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Problems and challenges faced in the process of convergence financial reporting standards Indian financial reporting standards have been thoroughly discussed. This paper puts forward a /buy-an-informative-essay-kaldplard.html point that convergence see more bring forth galore benefits to investors, industry, professionals and the economy as a whole.

The idea of global harmonization of accounting standards stems from the lack of comparability of financial statements across the country. In particular, a company having presence in different countries has to prepare financial reports as per Generally Accepted Accounting Principles GAAP of the country of operation and then it is required to reconcile all such reports for the purpose of consolidation as per GAAP of the country to international the parent belongs.

This increases the cost of preparing the research paper reports and also performance measurement across the geographical region becomes difficult because of noncomparable accounting rules. research paper

It has adapted the international norms established by the International Financial Reporting Standards [ 1 ] issued by the International Accounting Standards Board. The Government has adopted a policy of enabling disclosure of company accounts in a transparent manner at par with reporting standards accepted international practices, through a process of convergence with the International Research paper on international financial reporting standards Reporting Standards IFRS.

Such increasing complexity of business operations and globalization of capital markets makes [ 3 ] mandatory a single set of high quality reporting standards. IFRS has emerged as a new force in aligning the global firms on a single line.

International Financial Reporting Standard (IFRS): Prospects and Challenges | OMICS International

IASB is an independent standard-setting board, appointed and reporting standards by a geographically and professionally diverse research paper visit web page Trustees of the IASC Personal essay who are accountable to the public interest.

International reporting standards IASB cooperates with national accounting standard setters to achieve financial reporting standards in reporting standards standards reporting standards the world. It is unclear if the MCA will release a fresh roadmap or just amend the implementation date. Convergence will bring forth research paper benefits to investors, industry, professionals and the economy as a whole. This is a significant move towards the emergence international financial IFRS as a global accounting language.

IFRS has replaced the older term international accounting standard.

International Financial Reporting Standards: an Analysis from Deutsche Bank

Harmonization is the /andrea-beetz-dissertation-topics.html of modern globalized era because various factors like cross border investments, interdependence on trade, increase of business complexities, global financial crisis, global slowdown and mobility of capital and people across the globe, are significantly influencing the world economy. Therefore, the main objective of IFRS development is harmonization in financial statements research paper on international financial reporting standards.

Some additional objectives are:.

Examples of these benefits include the following:. It also helps companies to take advantage of alternative forms of finance. It also allows multinational groups to have a common accounting language, thereby improving management reporting and decision making.

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