IRFS – Factors Affecting Financial Reporting of Kuwait companies, deliverable 2

July 2022 | 5 pages | ID: IA49C40A6DCDEN
Sadia Saeed

Abstracts

In different nations, different standards and regulations are used for making financial reports. The companies make statement of financial position, statement of profit and loss account and statements of cash flows by using diverse rules and regulation. In some nations, Generally Accepted Accounting Principles are used. In some countries, International Financial Reporting Standards are used. The accounting diversity occurs when different companies use different principles and regulations. The frameworks of financial reporting are made to fulfill the requirements for bookkeeping data of the atmosphere in which these standards are implemented. Various factors significantly impact the financial reporting process of any nation (Tzovas, 2006).

In this assignment, we will discuss various political, economic and cultural factors that significantly impact the financial reporting of Kuwait companies. In second portion, the advantages and disadvantages of harmonization will be highlighted.(continued...) wordcount of report: 1000words

Contents

Introduction
Impact of various factors on financial reporting of Kuwaiti companies
Economic factors
Political factors
Cultural factors
Arguments for and against of harmonization and convergence
Arguments for harmonization
Arguments against of harmonization
References