Egypt’s Accounting Standards (Eas) Against Ifrs the Reason Behind Compliance and the Main Differences

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Egypt’s Accounting Standards (EAS) against IFRS: The Reason behind Compliance and The Main Differences.
Ahmed Mostafa Eliwa
German University in Cairo
Supervised By:
Prof: Dr. Ehab K. A. Mohamed
Chapter 1: IFRS Historical Background
1.1 Introduction
The purpose of this chapter is to gather information about the history of the international financial and reporting standards (IFRS), the committee that issued them, and what the reasons behind issuing such standards are to be agreed and implemented across the world.
In the following sections we will know more about the International Accounting Standards Committee (IASC) “The IFRS Issuer” foundation and launching. Then we will talk about the IFRS and the IASC development during
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During the 1950s there were rapid growths in the international trade and foreign direct investment. The companies began to expand their reach across borders leaving a great
challenge to the leaders of the accounting profession to think about the word “international”.
The 1960s were marked by frequent international mergers and acquisitions, especially American corporations taking over European companies. In April 1963, Business Week ran a special report on the new form of business organization called ‘‘multinational companies.’’ ‘‘Multinational,’’ the magazine wrote, ‘‘serves as a demarcation line between domestically oriented enterprises with international operations and truly world-oriented corporations’’. This internationalist trend heightened the desire to compare financial statements prepared in different countries. (Camfferman and Zeff, 2007)
Sir Henry Benson, senior partner in the U.K. firm of Cooper Brothers & Co. (later Coopers & Lybrand and now part of PricewaterhouseCoopers) and the 1966–1967 president of the Institute of Chartered Accountants in England and Wales (ICAEW), led a movement to tackle the issue of diverse accounting practices. In 1966, Benson persuaded the American Institute of Certified Public Accountants (AICPA), the Canadian Institute of Chartered Accountants (CICA), the Institute of Chartered Accountants of Scotland, and the Institute of Chartered Accountants in Ireland to join with the ICAEW to form the Accountants International Study

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