Essay on International Accounting Standards And Standards

1604 Words Apr 9th, 2015 null Page
The accounting world is shaped by stringent and clear rules, principles, standards and guidelines. These are all meant to define accounting operations and reporting discipline. With the emergence of International Accounting Standards (IAS), which was later replaced by International Financial Reporting Standards (IFRS), the accounting concepts, analysis, disclosures, reporting and presentation became easier and practical. Currently, accountants, managers and related parties find it concrete and consistent in protecting professional boundaries.
Being important to the discipline of accounting, the objectives of IFRS and IAS are to give guidance on the presentation of financial statements. IFRS as issued by International Accounting Standards Boards (IASB) are set by International Accounting Standards that prescribe and provides how particulars and specific sets and types of accounting transactions and other events should be reported in financial statements. The turning point is striving to make global reporting and international comparisons possible, as well as, providing assurance that reasonable and appropriate disclosures are made.
This confirms that the theoretical framework of accounting is subject to several regulations including legislation (Companies Act), IAS and IFRS, Generally Accepted Accounting Practices (GAAPs) and Capital Market Authority (CMA). For instance, legislation requires that a financial statement should reflect a true and fair view of the financial…

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