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Advanced Financial Reporting and Regulation: Interim Financial Reporting - Coursework Example

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High school
Coursework
Finance & Accounting
Pages 7 (1757 words)

Summary

The research focuses on the IASB implementation of the objective and rationales (including characteristics) to heighten the professional look of the financial statements in terms of usefulness to the financial statement users…

Extract of sample
Advanced Financial Reporting and Regulation: Interim Financial Reporting

The IASB plays a significant part in assuring the global financial information is sent and received vividly to improve the financial statement users’ decisions. Overview of the relevance international accounting standard (IASB) The International Accounting Standards Board (IASB) was established in London England on April 2001. The board replaces the former International Accounting Standards Committee (IASC). The board is mandated to come up with International Financial Reporting Standards (IFRS). The IFRS replaces the International Accounting Standards (IAS) starting in 2001. Objective. In terms of objectives in the preparation of the interim financial reports, Barry Epstein and Eva Jermakowicz (2010) emphasised the IASB’s International Financial Reporting Standard (IFRS) no. 1 mentions the objective of the preparation of the financial statements is to “provide information about the financial position, performance, and changes in financial position of an entity that is useful to a wide range of users in making economic decisions such as an investor deciding whether to sell or hold an investment in the entity, or employees assessing an entity’s ability to provide benefits to them.” There are many users of the financial reports. ...
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