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Accounting Management Assignment

   

Added on  2021-04-08

5 Pages1117 Words87 Views
FinanceLanguages and Culture
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Accounting Management 1.Explain the benefits of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). The benefits of IAS The three main advantages of a single set of international accounting standards are (1) an increased comparability between firms, which reduces investor risk and facilitates cross-border financing and investment; (2) a reduction in the cost of preparing consolidated financial statements for multinational firms; and (3) the improved reliability and credibility of financial reports. IAS 19 employee benefits IFRS IFRS Standards address this challenge by providing a high quality, internationally recognised set of accounting standards that bring transparency, accountability and efficiency to financial markets around the world. IFRS Standards bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions.
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IFRS Standards strengthen accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money. Our Standards provide information that is needed to hold management to account. As a source of globally comparable information, IFRS Standards are also of vital importance to regulators around the world. And IFRS Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. For businesses, the use of a single, trusted accounting language lowers the cost of capital and reduces international reporting costs. 2. Evaluate the models of financial reporting and auditing. 3. Identify the varying degrees of compliance with IFRS by organizations across world and the factors in a nation which may impact complianceIn addition, from the results of financial ratios of J SAINSBURY PLC you calculated in the exam, member of the group want to know if J SAINSBURY PLC is a good choice for investment. Recent evidence also demonstrates that the degree of IFRS compliance in EU countries is variable.[4] The EU also allows member countries the option of either permitting or requiring IFRS to be applied to non-publicly traded companies and to annual individual entity accounts, i.e., non-consolidated regardless of whether the company is trading on a regulated market in the UK. Consequently, the UK permits such companies to use IFRS; Malta and Cyprus require all companies to use IFRS; Poland and Portugal do not permit individual
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