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: 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

Answer 1

You can make use of the Journal Articles, Magazines, Newspapers and Websites will be important sources of information for this task. ‘IFRS (International Financial Reporting Standards) are designed as the common global language for business affairs in such a way that the company accounts are comprehensible and comparable across the international boundaries. These are effect of growing international shareholding and trade and are principally significant for companies that include dealings in various countries. They are gradually substituting the numerous different national accounting standards. The rules to be obeyed by accountants to maintain the books of accounts that are comparable, understandable, reliable and pertinent as per the internal or external users. Required: On the basis of the above statement, Students are requisite to perform research and write down an essay of 1500 words that explains their understanding regarding Topic, the justification-debate of IFRS