International Financing Reporting Standards - Research Paper Example

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International Financing Reporting Standards

Although the US is yet to follow suit, there is a growing enthusiasm towards their adoption by the SEC. Such a move will concequently make it mandatory for the organizations to report using these standards. Currently, efforts are underway to implement the international financial reporting standards in the US accounting field. This is in appreciation of the importance of these standards in cushioning global firms in times of economic hardships. Adopting such standards will undoubtedly assist firms in reducing costs associated with financial reporting since the standards are globally acceptable. This will also enhance transparency in financial reporting as well as offer a standard comparison platform on performance. In addition, it will reduce the time taken by most multinational organizations in reporting their financials. Investors will also benefit from this development since information about performance of companies will be available to them in similar standards. ...Show more

Summary

Factors Contributing to SEC Adopting International Financing Reporting Standards Name: Professor: Institution: Course: Date: Table of Contents Introduction 2 Reasons for the adoption of the IFRS by SEC 3 Unification of the world reporting standards 3 Preventing investors in economic crisis 3 Incorporation of proxy disclosure rules 4 Quality of the standards 5 Independence of the drafting body 6 Advantages of adopting the IFRS 6 Harmonization of financial reports 7 Saving time and costs in the reporting 8 Advantages of IFRS to investors 8 Research hypotheses 12 Research methodology 13 Data and Results 14 Conclusion 16 References 18 Appendices 20 Introduction In the recent past, there has been …
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