The Success of Harmonization in Singapore Research Paper 2022

Running head: THE SUCCESS OF HARMONIZATION IN SINGAPORE
THE SUCCESS OF HARMONIZATION IN SINGAPORE
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THE SUCCESS OF HARMONIZATION IN SINGAPORE1
Executive Summery
The paper is develop to understand the harmonization in the accounting standards. The paper
explain the concept of the harmonization along with their need and issues. The report also
analyse the case study of the Singapore to understand how the Singapore successfully
adopted the IFRS in their country to implement the harmonization in the accounting
standards of the Singapore companies. Further, this report analyse the case study of the
Singapore Airline Limited to understand the efficiency and the procedure of the company for
adopting the IFRS’s standards for the accounting in their financial reporting. Lastly, the paper
provides the recommendation to the Asian countries in the basis of the analysis performed.

THE SUCCESS OF HARMONIZATION IN SINGAPORE2
Table of Contents
Introduction................................................................................................................................3
Reason for Harmonization.........................................................................................................4
Issues of Harmonization.............................................................................................................6
Case study..................................................................................................................................8
Singapore’s Compliance with IFRS.......................................................................................8
The success of Harmonization in Singapore: Singapore Airlines Limited............................9
Conclusion................................................................................................................................10
Recommendation......................................................................................................................11
References................................................................................................................................12

THE SUCCESS OF HARMONIZATION IN SINGAPORE3
Introduction
In the current context, the accounting requirement of every country and regions are
different. The different country uses the different method to report their financial transactions
and event. The uses of the different methods in preparation and reporting of the accounting
information crates difficulties for the analyst and the investors as the comparing the two
companies become difficult if both the company uses the different method of reporting their
financial information. The different method of reporting the financial information deeply
affect the financial report of the company.
To avoid the difference between the reporting standards and the method among the
different companies of the different country, the International Accounting Standards Board is
established. The International Accounting Standard Board develop the set of the accounting
standards named International Financial Reporting Standards (IFRS) to promote the
uniformity in the financial reporting. The IFRS deals with the most of the internationally
important topic in the published accounting reports. The main objective of the IFRS is to
create the uniformity in the preparation method of the financial report. So that company
across the different countries also prepare their financial statement in the same manner. This
help the investors and the analyst to analyse the company as well as to compare the company
with the different companies even from the other countries.
The main objective of this paper is to understand the concept of the harmonization in
the accounting reporting by using the IFRS. The main is prepared to analyse the reason as
well as issues of the harmonization. This paper use the Singapore as example to understand
the how can the harmonization can be implement successful in any country. The report also
analyse the case of Singapore Airline to understand and explain the successful
implementation of the accounting harmonization.