Title: RELEVANCE OF INTERNATIONAL FINANCIAL REPORTING STANDARDS IN THE GLOBALIZED ECONOMY-AN EMPIRICAL STUDY
Abstract:There are many accounting standards in the world. As accounting is a language of the business, each country is using a version of its own generally accepted accounting principles also known as GAAP. T...There are many accounting standards in the world. As accounting is a language of the business, each country is using a version of its own generally accepted accounting principles also known as GAAP. These allow firms to report their financial statements in accordance to the GAAP that applies to them. The complication lies within whether the firm does business in multiple countries. How can investors deal with multiple standards, which ones are accurate, and how can corporations be compared based upon their financial statement, The answer to these questions lies within the adoption of the International Financial Reporting Standards, or IFRS, which is being developed and supported by the International Accounting Standards Board (IASB) for the objective to implement the uniform accounting standard in all the countries across the world. Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully confirmed with IFRS as promulgated by the IASB andRead More
Publication Year: 2013
Publication Date: 2013-01-01
Language: en
Type: article
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