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Effectiveness of IFRS Assignment

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Added on  2020-10-04

Effectiveness of IFRS Assignment

   Added on 2020-10-04

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Effectiveness of IFRS Assignment_1
Table of ContentsABSTRACT ....................................................................................................................................1TITLE :............................................................................................................................................1Clarity of Dissertation ....................................................................................................................1Literature Review ............................................................................................................................3Research ..........................................................................................................................................5Quality of Analysis .........................................................................................................................7Conclusion and Recommendations................................................................................................16.......................................................................................................................................................18.......................................................................................................................................................18.......................................................................................................................................................18.......................................................................................................................................................18
Effectiveness of IFRS Assignment_2
Effectiveness of IFRS Assignment_3
ABSTRACT IFRS are refer as a standers issued by the foundation of international financial reportingstandards and the international accounting standards board to give a common global language forbusiness. Main purpose of this report is to identify the effectiveness of IFRS for an organisationto meet with compliance requirements. For collecting accurate information about such topic,primary and secondary method used by the researcher. In case of primary source, researcherprepared a questionnaire of 30 respondents. On the other hand, under secondary method, books,journals, literature review was applied to collect accurate data about the topic. Thus, as aconclusion, IFRS is require by each and every organisation to prepare their financial statementand raised capital at international level. 1
Effectiveness of IFRS Assignment_4
TITLE :To assess the effectiveness of IFRS pertaining to meet compliance requirements throughthe business in United Kingdom: A comparative study on IFRS V/s UK GAAP. Clarity of Dissertation Introduction IFRS is effective in order to maintain the stability and transparency around the financialglobe. This also allows an individual or a business’s investors to make appropriate or educatedfinancial decisions. Thus they are capable to see exactly what has been happening withinorganisation (Akoroda, 2012). IFRS is effective in pertaining the needs and requirements ofsmall as well as large size business organisations throughout the United Kingdom. Now a day'sthe world market has become progressively incorporated, thus various issues have raised in thedomestic markets as well as rising markets because of the deviations in environmental aspectslike, religious, cultural, social, and local accounting activities. On the other side, UK and US hasprovide significant importance to Generally Accepted Accounting Principles (GAAP), it isidentify as an aspect which based on various rules and regulations, whereas IFRS is depend onaccounting principles. Present study is based on effectiveness of IFRS pertaining to meetcompliance requirements through the business in United Kingdom and in this comparativeanalysis on two different aspect like IFRS V/s UK GAAP will also be done in appropriatemanner. Background of the Research IFRS have been considered as a part of financial reporting in the country of UK, since theyear of 2005, when EC regulation 2002/1606 is came into appropriate action. The UK’sAccounting Standards Board (ASB) has represented as an Exposure Draft FRED 43 Applicationof Financial Reporting Standards that outlining its plans for the future of financial reporting inthe UK. In the case of approval, the standard will acquaint as a three-tier approach that willnecessitate business entities which have previously reported under Generally AcceptedAccounting Principles in the UK which is referred to in this document as UK GAAP to adopteither EU Adopted IFRS (IFRS) or the proposed Financial Reporting Standards for Medium–sized Entities (the FRSME). In the modern business environment, the major purpose of a smallas well as large business enterprises is to attaining higher growth and success within the2
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commercial centre in respect to meet with the compliance requirements (Alfraih, 2017). UK isknown for its wide area of business and the country has adopted IFRS, for providing benefits toboth organisation and investors. With the help of IFRS investors are more likely able to investmoney into the company if the business practices of an organisation are transparent. Thus,investment cost are usually low and the business firm that operates at international level attainhuge benefits from the IFRS through exploring their business at wide level. Research AimIt is identify as an essential part of the project because entire study of research is based onthis. This can also be considered as a predetermined statement in which the research issue ismentioned. The essential aim of this particular research is:Aim - “To analyze the effectiveness of IFRS pertaining to meet compliance requirements by thebusinesses in United Kingdom”. Research ObjectivesThe effective research objectives are described as below: To identify effectiveness of pertaining IFRS in businessesTo examine differences between IFRS and GAAPTo identify the challenges or issues in adopting IFRS by UK and US organizationsTo provide effective recommendations related to the study.Research Questions The potential research questions that covers the aims and objectives of this particularresearch are associated as under: What is the importance of pertaining IFRS in business?What are the major differences between IFRS and GAAP?What are the challenges and issues in adopting IFRS in UK and US businesses?How accounting can be improved in companies?Literature Review This can be considered as the most essential part of research project as it provides an indepth analysis on the research issue through discussing the opinion of various authors and writers(Day, 2012). This section of the investigation is effective in completion of the research workthrough accumulation of relevant data and information. In this part of the research data andinformation is being gathered through secondary sources like books, journals, newspapers,3
Effectiveness of IFRS Assignment_6

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