Based on the above statement students are required to do

Question

"International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external".

Required:

a) Based on the above statement, Students are required to do research and write an essay of 1500 words (with proper references) which demonstrates their understanding about the Topic, outline the justifications and controversy of IFRSs. Journal Articles, Newspapers, Magazines and Websites will be valuable sources of information for this assignment.

b) Students are also required to choose and comment on a relevant IFRS standard either related to capital market or social accounting or environmental accounting.

Answer 1

IFRS are designed as the common global language for business affairs in such a way that company accounts are comprehensible and comparable across the international boundaries. They are an effect of growing international shareholding and trade and are specifically significant for companies which have dealings in many countries. They are gradually substituting the numerous different national accounting standards. The rules to be followed via accountants to maintain books of accounts which are comparable, reliable, understandable and relevant as per the users internal or external. Q1. On the basis of the above statement, Students are needed to do research and write down an essay in 1500 words that illustrates their understanding regarding the topic, outline the validations and controversy of IFRSs. Newspapers, Journal Articles, Magazines and Websites will be important sources of information.