Title: Introduction to International Financial Reporting Standards (IFRS)
Abstract:This chapter presents the fact that business enterprises around the world are highly globalized at present and need to speak to each other in a common language of business, there is a real need for a ...This chapter presents the fact that business enterprises around the world are highly globalized at present and need to speak to each other in a common language of business, there is a real need for a single, universal set of accounting standards that would unify the accounting world and more importantly, solve the problem of diversity of accounting practices across borders. International Financial Reporting Standards (IFRS) are increasingly becoming the set of globally accepted accounting standards that meet the needs of the world's increasingly integrated global capital markets. IFRS are a set of standards promulgated by the International Accounting Standards Board (IASB), an international standard-setting body based in London. The International Accounting Standards Board is responsible for standard-setting activities, including the development and adoption of IFRS. IFRS are clearly emerging as a global financial reporting benchmark and most countries have already started using them as their benchmark standards for listed companies.Read More
Publication Year: 2012
Publication Date: 2012-01-02
Language: en
Type: other
Indexed In: ['crossref']
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Cited By Count: 9
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