Application of IFRS in Australia and UK

Running head: APPLICATION OF IFRS IN AUSTRALIA AND UK
Application of IFRS in Australia and UK
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APPLICATION OF IFRS IN AUSTRALIA AND UK
Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
Conclusion................................................................................................................................13
Reference..................................................................................................................................14

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APPLICATION OF IFRS IN AUSTRALIA AND UK
Executive summary
The aim of the report is to give brief explanation off the implementation of the IFRS in
Australia and United Kingdom. The report contains a brief detail about the conceptual
framework of the financial reporting system. In addition to that the report briefly describes
the challenges in the implementation of IFRS in Australia and UK along with the benefits
that the entity of these two countries get for the rules and guidelines of the international
financial reporting system. The report further analyses the similarities and differences in the
application of the IFRS in both the countries. In conclusion some recommendations are given
to the national accounting boards relating the adoption of IFRS in Australia and United
Kingdom.

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APPLICATION OF IFRS IN AUSTRALIA AND UK
Introduction
The financial reporting regulations are used to give a fair and transparent view of the
financial statements that are prepared by the companies and based on which the investors
made their decisions regarding whether to invest in that particular company or not to invest.
The financial reporting regulations provide the guidelines that are useful for framing the
structure of the financial statements and to include the necessary points that are essential to
ensure that the company is recording all the transactions in accordance to the accounting
principles and guidelines that are prescribed by the regulatory body of accounting in that
particular country. In Australia the reporting entities used the conceptual framework and the
IFRS principles and guidelines while preparing any financial report of any organization. As
the principles and the rules that are prescribed by the IFRS is accepted internationally and
considered to be useful in framing the structure of the financial statement of any organization
it is widely accepted by most of the countries in all over the world and Australia is among
one of these countries.
Discussion
The international accounting standards board released the revised conceptual
framework for financial reporting a complete set of ideas for financial reporting. The
theoretical framework set out the following points
 The goal of the financial reporting
 The qualitative feature of the usefulness of financial information.
 A brief detail of the reporting entity and its boundary.
 A description of the assets, liability, equity, income and expenses.