Assessed coursework – spring term
The implementation of IFRS has brought significantly greater consistency in accounting recognition and measurement and for greater disclosure of information in financial statements. However there are several issues before reasonable consistency all aspects of financial reporting under IFRS will be achieved.
No substantial body of custom and practice, of generally accepted ways of applying IFRS has yet been developed. It will only be after number of years of full implementation, by a representative cross-section of businesses in a number of countries and industries that a consensus will emerge over the way that, in practice and in the context of real commercial transactions, IFRS is actually to be applied. Until hen, divergent practices limited comparability and consistency are inevitable.
Required
Discuss the issues raised in the above paragraph setting out the key implementation issues relating to a move to international Financial Reporting Standards.
The essay should exceed 2500 words and should be referenced using the ,HARVARD,, system.
Credit:ivythesis.typepad.com
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