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Adoption of IFRS: A critical review

   

Added on  2022-10-17

9 Pages3563 Words380 Views
Running head: ADOPTION OF IFRS: A CRITICAL REVIEW
Adoption of IFRS: A critical review
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ADOPTION OF IFRS: A CRITICAL REVIEW1
Executive Summary
The Conceptual Framework in financial accounting is followed by the companies. The
financial reporting done by adopting IFRS has been proven to be very useful to its users
for better decision making. The performances and outcomes of UK and Australia has been
done for a minimum period of 5 years. The other aspects like reasons for adoption,
transitional issues, challenges, benefits and similarities along with differences have been
illustrated. The relevant recommendations have been provided for the companies.

ADOPTION OF IFRS: A CRITICAL REVIEW2
Table of Contents
Introduction............................................................................................................................3
The relevance of Conceptual Framework in financial reporting and its usefulness..............3
Comparing and contrasting the implementation of IFRSs in Australia and UK.....................3
Reasons for adoption of IFRS by the national accounting bodies.....................................3
Transitional issues faced by the companies......................................................................4
Challenges faced by the reporting entities upon adopting IFRS.......................................4
Benefits of adopting IFRSs by the reporting entities..........................................................5
Similarity and differences in the adoption of IFRSs...........................................................5
Findings on the success of the adoption of IFRS..................................................................5
Recommendations to the national accounting setting bodies...............................................5
Conclusion.............................................................................................................................6
Reference list.........................................................................................................................7

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