Assessment of the Suitability of the International Financial Reporting Standards in Hong Kong SME

CHAPTER 1
INTRODUCTION
Introduction
One of the most important aspects in business industries is their ability to manage their financial resources. Having been able to realize the importance of financial reporting, different scholars have been able to provide more efficient financial reporting standards to be followed by various organizations. It was in 1973 when the setting for international standard has begun. This has been initiated by the agreement settled by the nine professional accountancy bodies all over the world. With this agreement, the International Accounting Standards Committee (IASC) has been established. Representatives from fourteen nations make up the IASC and served as the body for setting the international standards. The Financial Accounting Standards Board (FASB), the International Organization of Securities Commissions (IOSCO) as well as the European Commission on the other hand functioned as IASC’s observer members. Since its official operation, IASC was able to issue a number of exposure drafts, policies and standards (PricewaterhouseCoopers, 2002).

Credit:ivythesis.typepad.com

http://researcharticlebase.blogspot.com/2011/10/assessment-of-suitability-of.html