Effect of IFRS on Financial Statements (4000 words)
Introduction:
IFRS is a global Accounting principle that is globally accepted and is published by IASB for the support to those who adopt the comparable, quality and presentation of financial statements.
This makes ease in interpretation of financial statements.
In the recent years there has been a strong push for adoption of IFRS by International Accounting Standards Board (IASB) the reason is the increase in the international trade across the borders, investments transactions in cross border which involves the development and presentation of financial accounts and reports.
This has brought the need for the developing and developed countries to adopt IFRS.
The process to adopt IFRS gained an important and significant lift in 2002 (Clements, Neill, & Stovall, 2010).
Continued...
IFRS is a global Accounting principle that is globally accepted and is published by IASB for the support to those who adopt the comparable, quality and presentation of financial statements.
This makes ease in interpretation of financial statements.
In the recent years there has been a strong push for adoption of IFRS by International Accounting Standards Board (IASB) the reason is the increase in the international trade across the borders, investments transactions in cross border which involves the development and presentation of financial accounts and reports.
This has brought the need for the developing and developed countries to adopt IFRS.
The process to adopt IFRS gained an important and significant lift in 2002 (Clements, Neill, & Stovall, 2010).
Continued...
Introduction
Impact of IFRS on Financial Statements
Inventory
Property and Equipment
Goodwill
Differences in the Income Statement
Revenue Differences in Relation to Construction Contracts
Cost of Goods Sold
Operating Expenses
Impact of IFRS on Financial Ratios
Analyse the IFRS compliance in following countries
Turkey
Malaysia
Sri Lanka
Australia
Conclusion
Impact of IFRS on Financial Statements
Inventory
Property and Equipment
Goodwill
Differences in the Income Statement
Revenue Differences in Relation to Construction Contracts
Cost of Goods Sold
Operating Expenses
Impact of IFRS on Financial Ratios
Analyse the IFRS compliance in following countries
Turkey
Malaysia
Sri Lanka
Australia
Conclusion
