Recent Developments in Financial Reporting of one Country

Recent Developments in Financial Reporting of one Country Essay example
Masters
Essay
Finance & Accounting
Pages 8 (2008 words)
Download 2
Contents Discuss recent developments in, and influences on, financial reporting in a country of your choice. This cannot be your country of origin.  2 Introduction 2 Why IASB 4 Change 5 Scope 6 Recognition 7 Initial and subsequent costs 7 Depreciation 9 Conclusion 9 Bibliography 11 Will IFRS help?…

Introduction

Investors and analyst are also becoming global. It is very common practice for investors to hold portfolios with securities based in many different economies. Thus international financial institutions have expanded into many different markets and economies. A very good example is of the Big 4 audit firms operating all around the globe. Thus it becomes very difficult for these investors and firms to practice many different reporting standards. Investors and analyst both rely on information and the more they can understand the information being provided to them by an organization the lower they would consider the risk is. Therefore national accounting bodies are continuously changing their accounting standards to make them more global. This global approach increases the reliability, understanding and comparability for analyst and stockholders. The recent financial crisis has also encouraged the national accounting bodies to take a more stern approach to reporting standards. ...
Download paper
Not exactly what you need?

Related papers

Financial reporting
Financial statements also provide an insight into whether the managers actually are carrying out their duty of stewardship or not. Managers however may not always act in best interests of shareholders as theory suggests that managers may take actions which may not result into increase in shareholder wealth. Such actions of the managers may therefore suggest that managers may not be fulfilling…
The name of the module is advanced financial reporting
Creative accounting practices are such malpractices in accounting which may be legal and in accordance with the existing accounting standards but may not be in line with the true spirits of the rules laid down under accounting standards. In other words, when financial statements are prepared by the relevant managers of a company that is inconsistent with the purpose or intention of the existing…
The Impact of Corporate Governance Disclosure on the Financial Reporting Practices in a Developing Country: Saudi Arabia.
Nevertheless, lately the definition of corporate governance has gained a broader connotation and is denoted as the legal as well as corporate set of regulations and measures that symbolize the principles and procedures which are exercised to govern the corporate organizations. The standards of corporate governance by and large assist in making sure that the aspects of the allocation of power in an…
A literature review on Environmental Reporting
Basically, there are three types of environmental reporting that include involuntary disclosures, mandatory disclosure and voluntary disclosure (Porritt, 2005). Involuntary disclosure is whereby a company’s information about its environmental activities is disclosed without its consent and against its will. A good example of these kinds of disclosures is press and media exposes. Mandatory…
Over Recent Decades, Developments in Company Law and Financial Reporting Standards Have Impacted Significantly on the Reporting
This paper focuses on the requirements of U.K. companies for representing financial statement while maintaining some accounting standards and company laws as well as the comparison of financial reporting standards of U.K with that of USA. The current requirements for the reporting of the financial performance of companies in the U.K. In June 2002 the European Union adopted the International…
Assessment of recent developments in financial reporting
This study will understand whether legal enactments and obligations are sufficient to perform financial activities in an ethical and logical manner. Drafting the financial reporting takes a lot of accounting knows how and also the thorough knowledge of legal obligations. The author of the study would lay emphasis on the accurate conduct of financial activities with guidance from the standards laid…
Financial Reporting
The assets listed in Coca-Cola Company’s balance sheet are classified into two main categories, current and other assets. Current assets are divided into two sections, with the first one being cash and cash equivalents and short term investments (The Coca-Cola Company, 2013). All the other assets that do not make up part of current assets are the long-term assets that are listed individually. In…