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Mackintosh started his speech at the IFRS Foundation conference in Johannesburg mirroring the hard lessons learned from the recent international financial meltdown. Mackintosh told that initiative to accomplish international accounting standards was started in 1973 with the…
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Download file to see previous pages This is because each nation has adopted only some portions of the international standards of their choice and as recommended by their home standard-setting board. As different nations adopted different parts of the international accounting standards that were adhering with their home nation standard-setting body and hence, international comparability cannot be carried out. To drive out anomalies due to inconsistencies, the IASC was reorganised as IASB, and its sole aim is to establish a uniform accounting standard to be perused by all the nations without any deviation (Deloitte 2014).
He cited that how both Japan and India allowed to use IFRS on a voluntary basis whereas the Japanese government encouraged prominent usage of IFRS. Those Chinese companies that had dual listings in Hong Kong are using full IFRS for their financial reporting. “Since 2007, U.S.A permitted non-US companies to use IFRS reporting” (Deloitte 2014).
He buttressed the mutual reliance and interlinks between economies and added that in the post-crisis background, all policymakers are now able to understand how each national capital market around the globe , even the giant , acts as just like a satellite of the international financial system. He further observed that presently, about 33% of all the financial investments are global transactions in nature. According to him, about 81% of the nations which took part in the survey prefer or mandate the usage of IFRS for either the majority or all the public companies. Further, the majority of the remaining nations that have yet to mandate IFRS in home nation, including Japan, India, U.S.A and China, but these nations are permitting IFRS usage in some scenarios. Mr. Mackintosh highlighted that the ISAB’s high-standards have been already approved in various economies as it is being used by more than a decade. Mr. ...Download file to see next pagesRead More
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