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Impact of IFRS and Conceptual Framework Assignment

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Added on  2019-10-18

Impact of IFRS and Conceptual Framework Assignment

   Added on 2019-10-18

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Impact of IFRS and conceptual frameworkStudent name: Student ID: Professor name:Date: Mar 30, 2017 Impact of IFRS and conceptual framework1 | Page
Impact of IFRS and Conceptual Framework Assignment_1
Impact of IFRS and conceptual frameworkTable of ContentsContentsTable of Contents........................................................................................................................................2History and background of accounting and IFRS........................................................................................3Objectives of IFRS and conceptual framework of IASB.............................................................................5Corporate scandals of public listed companies............................................................................................6IFRS’s role in assisting regulators of public listed companies and its impact on financial reporting...........7References...................................................................................................................................................82 | Page
Impact of IFRS and Conceptual Framework Assignment_2
Impact of IFRS and conceptual frameworkHistory and background of accounting and IFRSNowadays business crossed the limits of borders of the countries, most of the big companiesperform the cross-border transaction. Companies not only tread cross-border they also financefrom the foreign capital market. So, it is certain that same reorganization pattern is required forthese transactions Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2015). In past, most countries use their own standards for reporting of financial transactions. Then, dueto rapid change in the 2001 single set of rules was framed which is now used over 115 countries,this set of rules named as International Financial Reporting Standard (IFRS).In fact, the concept of worldwide financial statement emerged post World War II. A long timeago, IFRS named as IAS i.e. international accounting standards. IAS were issued by internationalaccounting standard committee there were used by counties from 1973 to 2000. But on April 1,2001, international accounting standard board replaced the international accounting standardcommittee and starts building new international accounting standards which known as IFRS.IFRS are based on four assumptions i.e.Every company requires separating its economic activity from its owners, management,and other business.The company requires to reports its financial statement with the assumption of goingconcern i.e. company will operate its business in foreseeable future and will not liquidatein near future Alexander, D. (2017).Companies require using only money as the common denominator of economic activities.3 | Page
Impact of IFRS and Conceptual Framework Assignment_3

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