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Recent Developments in Financial Reporting of one Country
Finance & Accounting
Pages 8 (2008 words)
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?
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. ...
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