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- QUESTION
i need to answer these three questions in three paragraph depend on the article that i attach:
1. Define IFRS?
2. What are the main requirements of the IFRS adoption?
3. What is the process of the IFRS adoption?
notice :
* each answer in different paragraph
* please choose simple vocabulary as you can
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| Subject |
Economics |
Pages |
2 |
Style |
APA |
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Answer
- Define IFRS:
The International Financial Reporting Standards (IFRS) are benchmarks developed as requisite standards and adopted in order to have a commonality in financial statement. Whereas the International Financial Reporting Standards are used globally for a long time the United States preferred to use the Generally Accepted Accounting Standards (GAAPs). Given that each country developed accounting standards that suited their local needs coupled with the need to have similar reports for organisations with operations in more than one country, the International Accounting Standards Board (IASB) developed the International Financial Reporting Standards (IFRS) which incorporated what was best among all the many different standards.
- What are the main requirements of the IFRS adoption?
Given that International Financial Reporting Standards have gained global acceptance, organizations and states that previously used the Generally Accepted Accounting Standards (GAAPS) have found that they have to adopt IFRS as the way for presenting financial statements. Competition demands that analysis and comparison will be best achieved when using similar parameters developed in a similar methodology. For states and organisations finding them having to adopt IFRS from GAAPs, it is mandatory that they state this as explicitly and unreservedly as possible. This requirement is mandatory since it offers the base of the adoption process and sets out the direction the organization or state will take with regards to the presentation of financial report statements. This allows investors and external stakeholders to make the decisions that based on the appropriate information.
- What is the process of the IFRS adoption?
IFRS adoption is a three step process. Initially, the organization or state adopting IFRS has to develop the policy statement and make the decision to follow through. The commitment will be supported by the second step which captures the developed plan in attaining successful adoption of IFRS. After the plan is in place, the third step is seeking out the resources to successful implement the adoption of IFRS. These three steps must be taken for IFRS to be successfully adopted by any organization or state.
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