International Financial Reporting Standards - Research Paper Example

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International Financial Reporting Standards

Adoption of International Financial Reporting Standards and efforts to converge United States GAAP and Global Standards will provide a framework for conformity of global financial reporting principles (Ernst & Young 15). The international financial reporting standards will enhance the comparability of corporations internationally. The new system will provide investors and shareholders with better monetary information of various organizations. The new system will assist investors to acquire dependable information of firms with international operations. Investors need firms’ details, which are more dependable, timely, pertinent and comparable across economies (Needles & Powers 48). As an investor or user of financial reports, the new system will reduce the costs I incur while investing and will increase the quality of information I receive. As an investor, my investment confidence will increase as a result of superior transparency among diverse companies’ monetary reports. This will increase my willingness to purchase the company’s securities. The new system will enable me to compare and interpret monetary information of different companies around the globe. This comparability will assist me in allocating assets in my investment portfolio. ...Show more

Summary

Author Tutor Course Date International Financial Reporting Standards The business world has been experiencing changes emanating from the world changes. Changes in technology have revolutionized the ways of conducting trade. There has been the development of international markets where markets have developed from domestic markets to global markets…
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