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International Accounting Standards - Essay Example

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Department of Accounting and Finance FINANCIAL ACCOUNITNG 2 INTERNATIONAL ACCOUNTING STANDARDS BOARD by and Number An assignment submitted in partial fulfilment of the assessment for the Financial Accounting 2 Table of Contents Chapter 1: Introduction 3 Chapter 2: IFRS and IASB 6 Chapter 3: IFRS and Fair Value System 11 Chapter 4: Practical implementation of International Financial Reporting Standards 15 Chapter 5: Conclusions, Implication and Recommendation 16 Reference List 18 Chapter 1: Introduction The main aim of the report is to elaborate the facts and objectives of IFRS and IASB…

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International Accounting Standards

The fair value system has all together improved the information to the individual users of the economy. International Financial Reporting Standard (IFRS): IFRS is a private sector organization which is working for the interest of public. The main objectives of IFRS foundation are: 1) It creates a single set of quality which is understandable and enforceable worldwide. The standard setting body that helps in formulating the standards for the organization is the International Accounting Standards Board (IASB) (IFRS Foundation. 2013k). 2) They are responsible for promoting the use and application of those standards. 3) They are accountable for reporting the financial needs of the small and medium sized companies. 4) They are also responsible for safeguarding the working of IASB thus ensuring the financing of the organization. The Trustees of the organization are accountable for Monitoring Board of the Public Authorities (IFRS Foundation. 2013k). International Accounting Standards Board: IASB is the standard setting body under the governance of IFRS Foundation. ...
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