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Difference between IAS and IFRS

   

Added on  2021-02-19

6 Pages476 Words69 Views
FINANCIAL

Table of ContentsMAIN BODY...................................................................................................................................3Difference between International Accounting Standards (IAS) and International FinancialReporting Standards (IFRS).........................................................................................................3Evaluate the benefits of IFRS......................................................................................................3Identify the varying degrees of compliance with IFRS by organisations across the world andthe factors in a nation which may impact compliance. Support the statement with appropriateexamples......................................................................................................................................3REFERENCES................................................................................................................................4

MAIN BODYDifference between International Accounting Standards (IAS) and International FinancialReporting Standards (IFRS).IASIFRSThe international accounting standard has themain objective that the financial centre of theworld which are interconnected to each othermake use of the financial framework whichhas been published globally (Christensen andet.al., 2015). These framework ensures thatthere has been efficient controlling in thefinancial market. International financial reporting standards hasthe main objective that the financial datawhich has been collected can be useful for thepotential lenders, investors and other creditors.Economic benefit can be provided to companywho are using these standards. Evaluate the benefits of IFRS.International financial reporting standards can help company in exploring the capital markets ofworld. It can assist company in promoting their business. These standards can help organizationin settling down at global market place (Capkun, Collins and Jeanjean, 2016). These standardscan also help investors to measure company’s performance with other organizations which areworking internationally. Identify the varying degrees of compliance with IFRS by organisations across the world and thefactors in a nation which may impact compliance. Support the statement with appropriateexamples.There are various factors which can affect compliance of IFRS. These factors can includepolitical, legal, trade alliances, inflation and many more. Culture can also affect IFRS. Like forexample society with high rate of uncertainty avoidance tend to prefer this system as this systemis more secretive and confidential (Cascino and Gassen, 2015).

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