Advanced Accounting Report: IFRS Implementation in Post-Harmonization

This report critically reviews the implementation of International Financial Reporting Standards (IFRS) in the post-harmonization era, examining whether the intended purpose of global harmonization of financial reporting standards has been achieved. It analyzes the challenges in implementing IFRS globally, considering both emerging and developed economies, and the differences between formal adoption and actual reporting practices. The report explores the impact of political and economic forces on the local context and the global convergence of IFRS. The analysis is based on prescribed literature and relevant research articles, providing insights into the complexities of IFRS adoption and its fit within the institutional theoretical perspective.

Running Head: ADVANCE ACCOUNTING ISSUES
ADVANCE ACCOUNTING ISSUES
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Table of Contents
Implementation of IFRS in post IFRS harmonization era.........................................................3
Reference....................................................................................................................................5

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Implementation of IFRS in post IFRS harmonization era
This assignment is based on the analysis of the issues that whether harmonized IFRS
have resulted in harmonized international accounting practices across the countries over the
last ten years or not. Hence, after review of prescribed literatures of Albu, Kamran Ahmed
and Christopher Nobes, it has been observed that even there is high degree of the multiplicity
of constituent; there is the strategy of adopting it even unwillingly, because of the fact that in
terms of accounting practices, there are no homogeneous countries. However, there is
improvement in the level of harmonization, because IFRS cannot be questioned for the
legality of reporting (Procházka & Pelák, 2015).
The global convergence of IFRS states that it has become the globalised standard for
the preparation of the financial statements of the company. Market globalization has created
demand for the globalised convergence of the finance reporting with the effect of that many
countries as well as emerging and developed market has adopted it. Adoption of IFRS has
achieved the objective for providing transparency and comparison of financial statement
(Procházka & Pelák, 2015).
The challenging issues in the implementation of IFRS globally fit occurs when forces
against uniformity of the reporting practices occurs. Even though there is global adoption of
IFRS, but it does not represent the uniformity in the way companies actually reports. There
may be differences in formally adopting and reporting practices. There is simple logic that
the political and economic forces remain local as compare to global approach (Rudzani &
Manda, 2016).

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Reference
Procházka, D., & Pelák, J. (2015). The Development of Capital Markets of New EU
Countries in the IFRS Era. Procedia Economics and Finance, 25, 116-126.
Rudzani, S., & Manda, D. C. (2016). An assessment of the challenges of adopting and
implementing IFRS for SMEs in South Africa. Problems and Perspectives in
Management, 14(2), 121-221.