Posts tagged ‘IFRS’

September 14, 2015

Why IFRS?

For decades there have been some forms or other forms of accounting and financial reporting across the world. Different countries have different accounting and financial reporting standards. These different accounting standards define and recognize assets and liabilities as well as costs and benefits in very different ways and these different definitions makes result into different values for different items. In many countries liabilities and costs are recognized in as such a way that they end mixing up things. In the same ways assets and benefits too are treated differently in different countries. These practices lead to huge differences in the values of assets and liabilities and costs and benefits[1].

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August 31, 2015

Why to Implement International Financial Reporting Standards

Many economies have accepted IFRS. So many companies across world have implemented IFRS and have started reporting according to the IFRS. The implementation to the IFRS results into huge benefits for the company. These benefits come in many ways and forms. These have huge impact on the competitiveness of the companies as well as it offers huge opportunities to the companies. This also provides better options for the finances. These benefits of implementation and reasons to implement these IFRS can be summarized as below:

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August 30, 2015

International Financial Reporting Standards

There are huge and widespread discussions in the fraternity of the accounting and financial management about the consequences and implications of the acceptance of the International Financial Reporting Standards issued by the IASB as new world order for the accounting practices across the world. IASB has been lobbying and trying to convince and bring all the nations on the discussion table to discuss and adapt to this new financial and accounting reporting practices across the world as a homogeneous practice to help investors to decide accurately. Critics across the world are criticizing this process of standardization of accounting practices. Instead they are demanding for harmonization of financial reporting across the world to take care of the special needs of the needy nations. So a lot of controversy is there on this issue. It is important that there is no suspicion about the benefits or possible losses from the adaptation to IFRS.

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