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International Accounting and Finance
Finance & Accounting
Pages 10 (2510 words)
The Impact of Adopting International Accounting Standards on Capital Markets and Financial Statements Users [Student’s Name] [Course Title] [Instructor’s Name] [Date] The Impact of Adopting International Accounting Standards on Capital Markets and Financial Statements Users Introduction Apart from the fact that the trend of globalisation has been triggered during the last few decades, different countries still consider it appropriate to follow their national standards for financial reporting.
Notwithstanding the concerns and prejudices, there has been noted an increasing trend towards adoption of international accounting standards as a preferred financial reporting framework. Among the concerns stated by the stakeholders to adopting international accounting standards, many are related to the impact of adopting them on capital markets operations and efficiency and on the users of financial statements. The International Financial Reporting Standards are different from the national standards developed by countries for financial reporting within their respective jurisdictions. These differences result in significant shifts in their financial reporting practices for business entities, when they decide on their own or due to mandatory requirements to adopt International Financial Reporting Standards as their financial reporting framework. Due to the differences in the respective requirements of different financial reporting frameworks, there are varying impacts of each on capital markets and users of financial information. ...
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