Improvement in Quality of Corporate Reporting Disclosures after IFRS Adoption

Running Head: ADVANCE CORPORATE ACCOUNTING
ADVANCE CORPORATE ACCOUNTING
Name of the Student
Name of the University
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1ADVANCE CORPORATE ACCOUNTING
Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Improvement in Quality of Corporate Reporting Disclosures after IFRS Adoption.............2
Reasons for not adopting IFRS by FASB in US....................................................................3
Conclusion..................................................................................................................................4
Reference....................................................................................................................................6

2ADVANCE CORPORATE ACCOUNTING
Introduction
The internationalization of the economic trade as well as globalization of the business
is on ascendency. Therefore, the financial statements that are prepared according to the local
accounting system of the nation may hardly be able for meeting the needs of the investors,
partners of the business and the financiers as well as decision-maker who are acquainted with
the international standards. For bridging the gap in between the accounting standards as well
as among the countries, the foundation of the IASC was done by the group of the
practitioners of professional accounting in in 1973. It has attempted for formulating the
uniform as well as globalized standards of accounting, which aims to reduce any kind of
discrepancies in principles of international accounting as well as reporting principles. Further,
global adoption of the IFRS is thought for increasing financial statements reliability as well
as comparability (Felski 2017). Hence, this assignment will include the discussion on the
quality of the corporate reporting improvement after IFRS adoption since 2005 in Australia,
European Union as well as other countries. Moreover, discussion will be on the reasons for
not adopting the IFRS by FASB in US.
Discussion
Improvement in Quality of Corporate Reporting Disclosures after IFRS Adoption
There has been inherent interest worldwide, over past three decades, among the
professional accountancy, standard-setters, policymakers, stakeholders, regulators as well as
academics for the improvement in the reliability as well as comparability of the corporate
reports. The convergence with or the adoption of the IFRS is seen as mechanism for the
achieving this particular objective. The IFRS is consists of the set of the principles as well as
high quality standards of financial reporting that is issued by IASB. These standards are
recognized widely for producing much more timely, comprehensive as well as accurate