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ACCT-601 Week 2 Written Assignment: IFRS Updates (Already GRADED A)

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Week 2 Written Assignment ACCT-601 Week 2 Written Assignment: IFRS Updates Introduction The International Financial Reporting Standards, or commonly known as IFRS to everyone in the accountin g world, was designed to make things easier for individuals to comprehend accounts while also being able to...

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  • April 9, 2022
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Week 2 Written Assignment

ACCT-601 Week 2 Written

Assignment: IFRS Updates




This study source was downloaded by 100000801755870 from CourseHero.com on 04 -09-2022 08:23:54 GMT -05:00


https://www.coursehero.com/file/14074046/W2-Justin-Christiansen-Assignment/

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Introduction


The International Financial Reporting Standards, or commonly known as IFRS to

everyone in the accounting world, was designed to make things easier for individuals to

comprehend accounts while also being able to do an “apples to apples” comparison of companies

across all industries. Think of it as an “apples to apples approach dictionary”. This accounting

dictionary was developed due to growing trade business between all of the countries in the

world. IFRS has been capable of supplanting all of the global accounting standards across the

globe, with the exception of US GAAP. IFRS is comparable, understandable, reliable, and

relevant as what is required by both external and internal users of a company’s information.


IFRS had been improved to harmonize accounting standards across the European Union,

but soon this concept will stabilize the accounting standards for the entire globe. It is debatable

as to whether harmonization happened. IFRS has been openingly criticized by the United States

as they continue to use their own accounting standards, U.S. GAPP. It is believed that the U.S.

wouldn’t consider IFRS unless the U.S. helps in the convergence process. Also, countries such

as France have opposed and criticized IFRS. Another company in Zimbabwe’s hyperinflationary

economy has had little effect when IFRS was implemented there.


Features of IFRS

Listed below are some of the features that IFRS brings to the table:


• Reporting frequency: In terms of the frequency needed by IFRS, these reporting

standards require that companies submit their statements annually. Also required by IFRS

are that listed companies would also need to issue provisional statements per IAS 34 Interim

Financing Reporting.


This study source was downloaded by 100000801755870 from CourseHero.com on 04-09-2022 08:23:54 GMT -05:00


https://www.coursehero.com/file/14074046/W2-Justin-Christiansen-Assignment/

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