How the Use of IFRSs Contributes to Increased Transparency for Stakeholders - Essay Example

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How the Use of IFRSs Contributes to Increased Transparency for Stakeholders

Over the years the requirement of high-quality and uniform accounting framework has been extolled to foster international business relationship. The countries across the world are adopting IFRS leaving behind their local GAAP realizing the need for unified global reporting standards. The IFRS are the reporting standards which were issued by IASC till 2000 and then by IASC’s successor organization IASB which is a UK-based standard-setting body. IFRS is adopted by more than 100 countries following the efforts made by IASB and FASB for convergence of their respective conceptual frameworks. A topic by topic analysis of IFRS is not given here but empirical results suggesting the impact of IFRS adoption are provided. A subjective analysis by Ray Ball provides the potential advantages and challenges of IFRS to the investors. Empirical studies have suggested improved information environment of the firms following the adoption of IFRS. The adoption of IFRS has also led to increased cross-country equity investments by retail investors across the world. This means that the one of the most important indicator of economic stability i.e. ...Show more

Summary

Critically assess how the use of IFRSs contributes to increased transparency for stakeholders, and the extent to which IFRSs can influence economic stability Contents Contents 2 Transparency & Economic Stability under IFRS 4 Conclusion 9 References 11 Introduction This paper is a critical analysis of the IFRS adoption by the firms and if this has enhanced the transparency in disclosures and influenced economic stability…
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