Accounting Theory and Contemporary Issue

Running head: ACCOUNTING THEORY AND CONTEMPORARY ISSUE
Accounting Theory and Contemporary Issue
Name of the Student
Name of the University
Author’s Note

ACCOUNTING THEORY AND CONTEMPORARY ISSUE1
Executive Summary
This current report has focused on the critically examining the financial reporting system
along with the conceptual framework and adaptation of IFRS. The study includes the
conceptual framework of financial reporting along with comparing and contrasting the
implementation of IFRS. Certain issues such as transitional issues and challenges that
have been faced is to be included in the study along with pointing out the benefits for
choosing the IFRS. It also includes the similarities as well as benefits of implementing
the IFRS along with providing successful adaptation and recommendation of the
financial reporting process.

ACCOUNTING THEORY AND CONTEMPORARY ISSUE2
Table of Contents
Introduction........................................................................................................................3
Relevant conceptual framework for financial reporting and its usefulness.......................3
Comparing and contrasting the implementation of IFRS in Australia and other country
that have adopted IFRS for last 5 years............................................................................3
Reason for adopting IFRS by national accounting bodies and its adaptation date.......4
Transitional issues that are faced..................................................................................5
Challenges faced by the reporting entities for adopting IFRS.......................................5
Benefits of adopting IFRS by the reporting entities.......................................................6
Similarities and differences in adopting IFRS by Australia and other country including
the affecting factors........................................................................................................6
Explaining the successful adoption of IFRS in the two countries..................................6
Providing two recommendation to the national accounting settling bodies on ensuring
the continuation of IFRS for users and economy..............................................................7
Conclusion.........................................................................................................................7
References.........................................................................................................................8