International Accounting

Running Head: INTERNATIONAL ACCOUNTING
INTERNATIONAL ACCOUNTING
Name of the Student
Name of the University
Author Note

1INTERNATIONAL ACCOUNTING
Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Overview of the Company.....................................................................................................2
National Reporting and Regulatory Environment..................................................................3
Consistency of Application....................................................................................................3
Enforcement of IFRS use in Canada......................................................................................4
Comparison of Company’s Accounts with Key Global Competitors....................................4
Conclusion..................................................................................................................................5
Reference....................................................................................................................................6

2INTERNATIONAL ACCOUNTING
Introduction
International Financial Reporting Standards is referred as the set of the accounting
standards, which is developed by the independent as well as not-for-profit organization that is
known as International Accounting Standards Board. It is the single standard that provides
the investors with the cohesive view of the finances. IFRS has the goal for providing the
globalized framework for the preparation as well as disclosure of the financial statement by
the public companies (Ifrs.org. 2019). Hence, under this assignment, discussion will be done
on analysis of the company “Royal Bank of Canada” that will be followed by the explanation
of the national reporting as well as regulatory environment within which the company
operates. Moreover, discussion will be on the two specific items of accounting from the
accounts of the company and their application of consistency of relevant international
accounting standards. Lastly, evaluation will be done on the comparison of accounts of firm
with that of the key global competitors (Cai, Rahman and Courtenay 2014).
Discussion
Overview of the Company
The Royal Bank of Canada is the Canadian multinational company in the financial
services and it is one of the largest bank by market capitalization, listed in the Toronto Stock
Exchange as well as New York Stock Exchange. This bank was founded in the year 1864 in
the Halifax, Nova Scotia, while it is headquartered in Montreal, Quebec as well as in
Toronto, Ontario. This bank serves the client over 16 million as well as it has approx. 80,000
employees that operates in more than 40 other countries apart from Canada. RBC has been
added to the list of Financial Stability Board of the systematically important banks globally.
Hence, RBC as well as its subsidiaries provides the diversified financial services that includes