AYB200 report Essay

1468 Words Nov 29th, 2014 6 Pages
Research report

Title of Assessment:

Student Name: Lo Tak Fung, Franco

Student Number: N8708851

Tutor’s Name:

Date: 9th April 2014

Word Count: 935 words

Table of Contents
Executive summary 1
1.0 Introduction 2
2.0 History and Status of IFRS convergence 2
3.0 The developments in the relationship between the major players in IFRS 2
3.1 International Accounting Standards Boards (IASB) 2
3.2 The IFRS Foundation 3
3.3 The US Financial Accounting Standards Board (FASB) 3
3.4 Other bodies including the US Securities and Exchange Commission (SEC) 3
3.5 The European Financial Reporting Advisory Group (EFRAG) 4
3.6 The Australian Accounting Standards Board (AASB) 4
4.0 The possible implications of developments for the
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4.0 The possible implications of developments for the future of IFRS
The aimed of IFRS is to set a standard for financial report. They hope their standard can be used in worldwide. They hope to reduce the difficulty of reading different report style. However, there some possible implications of developments for the future of IFRS. Firstly, US have their own standard (FASB) and not easy to converge with IFRS. (Rapoport, 2011) They are not need to follow IFRS because they have their own standard. Also FASB want IFRS improve it standard in order to make FASB to accept. (Pacter, 2013) Secondly, some countries may follow American standard before rather than IFRS. The adoption may costly for them. Thirdly, revenue always a problem of IFRS. (Tysiac, 2012) The process of IFRS may affect by lack of funds. The promotion may slowed down.

5.0 Conclusion
To sum up, IFRS is aimed to make no barriers between different countries in reading financial report. IFRS is working on the relationship between different organisations, such as FASB, SEC, EFRAG and AASB. Although some of the organisations may not accept to adopt IFRS, most of the countries are following IFRS. There some possible implication of developments for the future of IFRS. However, the standard setting environment

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