International Financial Reporting - Essay Example

Comments (0) Cite this document
Summary
Generally, IAS 1 (which was last updated in 2007) prescribes the presentation basis of financial statements for general purpose which ensures that the entity’s in question financial statements are comparable with those of the previous period as well as of the other…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.9% of users find it useful
International Financial Reporting
Read TextPreview

Extract of sample "International Financial Reporting"

Download file to see previous pages anges in a given period, cash flow statement for the period, financial position statement in the period’s balance sheet, comprehensive income statement and the notes which include a summary of explanatory notes and the accounting policies. Any given entity may apply titles for the stated above statements other than those referred to above.
A fair presentation as well as compliance with the International Financial Reporting Standards (IFRSs) is the emphasis of IAS 1.15. The use of the relevant IFRSs which contain additional disclosures as necessity calls for is usually presumed to have an end result of a set of financial statements which reflect a fair presentation as IAS 1.15 states. (iasplus.com, 2010)
According to the definition given under IAS 1’s stipulations, fair presentation is the requirement that there is a faithful representation of the transaction effects, other events as well as the conditions with emphasis on the recognition and definitions criteria for income, assets, liabilities and expenses stated in the framework. That entity which ensures that its financial statements are in accordance with the IFRSs shall do an unreserved and explicit statement of its compliance in the notes. Also any entity that describes its financial statements as complying with IFRSs where the case is contrary, then that entity will be in contravention with the IFRS requirements. (ec.europa.eu, 2010)
The reporting is required for general purpose financial statements as IAS 1 says. The main objective of these financial statements is to give information concerning the position of the business financially, cash flows and performance which is useful to various users while making decisions economically. So as to meet the objective, the entity’s financial statements provide such information as; liabilities, assets, equity, expenses and income cash flows and changes in equity. This information combined with notes to financial statements helps the users of such statements to ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“International Financial Reporting Essay Example | Topics and Well Written Essays - 3000 words - 3”, n.d.)
International Financial Reporting Essay Example | Topics and Well Written Essays - 3000 words - 3. Retrieved from https://studentshare.org/miscellaneous/1575921-international-financial-reporting
(International Financial Reporting Essay Example | Topics and Well Written Essays - 3000 Words - 3)
International Financial Reporting Essay Example | Topics and Well Written Essays - 3000 Words - 3. https://studentshare.org/miscellaneous/1575921-international-financial-reporting.
“International Financial Reporting Essay Example | Topics and Well Written Essays - 3000 Words - 3”, n.d. https://studentshare.org/miscellaneous/1575921-international-financial-reporting.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF International Financial Reporting

International Financial Reporting Standards

...?Introduction International Financial Reporting Standards were implemented after the overall complexity of business organizations as well as the nature of accounting relatively changed. International Financial Reporting Standards (IFRS), therefore, have been considered as an effort by the world accounting governance bodies to ensure that uniform reporting standards are adapted across the whole world. Due to the globalization process, organizations have become truly global in nature with their presence in different countries of the world. However, due to different accounting standards prevailing in each country,...
8 Pages(2000 words)Dissertation

International Financial Reporting

...statements; the shareholders, institutional and small investors were given and shown such financial statements which were not totally representing a ‘true and fair view’; the financial statements either to a minimum extent or to a considerable extent were filled with the help of window dressing and creative accounting. Unfortunately, the role of International Financial Reporting Standards, also known as International Accounting Standards Board, did not come for any help to rescue the international world economy from the threat and force of the 2008 financial crisis. The main reason for that, the...
12 Pages(3000 words)Essay

International financial reporting

...Faithful Presentation Information must represent faithfully the transactions it purports to represent in order to be reliable. There is a risk that this may not be the case, not due to bias, but due to the inherent difficulties in identifying the transactions or deciding on an appropriate method of measurement or presentation. Thus, it is advised that in the case where measurement of the financial effects of an item is uncertain, entities should not recognize such as an item, for example, an internally generated goodwill. 3.5 Comparability In terms of comparability, accounting information must be reported in a similar manner so that users are able to compare the entity’s annual...
11 Pages(2750 words)Essay

International Financial Reporting Standards

...?In the United s the prevailing accounting framework utilized by professionals in the field of accounting and finance is the U.S generally accepted accounting principles (GAAP). Despite its effectiveness in other parts of the world U.S. GAAP is not an accepted accounting framework. In the international community the fastest growing accounting framework that is being used in the business industry of different countries is the international financial reporting standards (IFRS). The international financial reporting standards were created by the International Accounting Standards Board (IASB). The IASB is...
4 Pages(1000 words)Assignment

International Financial Reporting

...Introduction International Accounting Standards (IAS) provides objective and detailed of accounting standards while developing financial statements. The aim is provide standardised, coherent, consistent, and useful information to various users of the financial information. To date, a total of 41 IAS have been released; however, 10 have been superseded by other IAS or IFRS (International Financial Reporting Standards); and 2 have been withdrawn by International Accounting Standards Board - IASB (IAS Plus, 2009). This paper provides a broad introductory review of the five standards from IAS; namely: IAS 16 - Property, Plant...
13 Pages(3250 words)Essay

International Financial Reporting Standards

...About U.S. Companies Switching To International Financial Reporting Standards (IFRS) Beginning In TABLE OF CONTENT: PAGES 1) Executive Summary 02 2) Introduction 02 3) Similarities and Differences 03 4) IAS-2 (Inventories) 03 5) IAS-11 (Construction & Contract) 04 6) IAS-16 (Property Plant & Equipment) 05 7) IAS-36 (Impairment Losses) 06 8) IAS-39 (Intangible Assets) 06 9) Diversification into IFRS from GAAP and its Impact 07 10) Conclusion 09 11) Bibliography 09 12)...
8 Pages(2000 words)Essay

INTERNATIONAL FINANCIAL REPORTING

...INTERNATIONAL FINANCIAL REPORTING Introduction The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), has ventured on a project to reconstruct the bases of financial accounting by retooling the Conceptual Framework. The Conceptual Framework is similar to a charter for financial reporting, rendering the basis for standards. Had there been no framework, accounting standards would adopt the easier solution for a particular issue. A solution which is coherent with an interconnected theory of accounting would never be the choice. The Conceptual Framework is a...
11 Pages(2750 words)Essay

INTERNATIONAL FINANCIAL REPORTING

.... In addition to adopting IFRS several relevant changes in the overall economic and institutional framework need to be implemented to achieve the enhanced quality financial reporting. Further, before implementing IFRS fully to all countries, an international consensus taking into account of the country specificities needs to be obtained regarding the treatment of various financial instruments and various accounting procedures .This is needed to implement IFRS without affecting the information provided by the financial statements of enterprises . Objectives of Financial Statements –A Critical Evaluation 1....
12 Pages(3000 words)Essay

International Financial Reporting

...Accounting Standards Part A The regulatory and conceptual framework of international accounting A conceptual framework of accounting is the theoretical principles, which strengthens both the development of new reporting practices and the evaluation of the existing ones. It underlies why we do, what we do and how we do it. The conceptual framework will determine what business information is to be reported, how it should be reported, how it should be measured and how the information should ultimately be communicated. The IASB-international Accounting standards Board issued a system for the arrangement and presentation of money related explanations. This...
11 Pages(2750 words)Essay

International Financial Reporting Standards

...International Financial Reporting Standards Task International Financial Reporting Standards (IFRS) IFRS is a set in international accounting standards developed by the IASB with the main goal of providing a global framework for public companies in the preparation, as well as the disclosure of their financial statements. Consequently, the financial reporting and disclosure standards provided by IFRS act as a guideline for the preparation, reporting, and analysis of financial statements provided by public companies. This is unlike this is unlike the other existing financial reporting frameworks which, on the contrary, set rules, and regulations with the key aim of governing the preparation, presentation, as well as the reporting... ...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic International Financial Reporting for FREE!

Contact Us