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The Choice between Formulation of Accounting Framework and Adoption of International Financial Reporting Standards: A Case of Developing Countries - Essay Example

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The Choice between Formulation of Accounting Framework and Adoption of International Financial Reporting Standards: A Case of Developing Countries

With the adoption of accounting standards and frameworks, businesses are able to reduce their costs relating to financial reporting, particularly those countries where generally acceptable accounting principles are either nonexistent or are not effective enough to be relied upon or adopted. The adoption of international accounting frameworks not only benefits business entities adopting them but also benefits the users of financial statements prepared by those entities. As for instance, International Financial Reporting Standards, which is a renowned accounting framework, is being followed by a number of business entities operating in different parts of the world. By way of following similar accounting frameworks such entities are able to report their operations on similar patterns and analysts, investors and other stakeholders are able to comprehend them easily (Adekoye, 2011). The wider impact of adoption of internationally recognized financial reporting framework is that users of financial statements are more confident and certain about efficiency, effectiveness and reliability of the financial reporting process (Ahmed, 2011). On the other hand, implementing locally developed accounting standards can have its own distinct benefits for developing countries. ...Show more

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Businesses and organizations have gained significant benefits with the increase in globalization all over the world. Among many benefits, one key advantage associated with globalization is that it has enabled business entities…
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