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IFRS: International Financial Reporting Standards - Essay Example

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Summary
The International Financial Reporting Standards (IFRS) is a set of framework that aims to standardize the reporting system for the accounting profession. It was established just recently, and accordingly, many countries have adopted it due to its purported aim of “improved…
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IFRS: International Financial Reporting Standards
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IFRS: International Financial Reporting Standards

Download file to see previous pages... IFRS aims to provide a set of standards in financial reporting that is accurate, truthful, and a fair representation of the financial operations of an organization in terms that are comprehensible to any stakeholder to a financial transaction. KPMG described it as financial reporting with “financial information that has enhanced transparency and consistency, as well as global comparability”.
The IFRS Foundation is the organization behind the IFRS development, promotion, adoption, and oversight. It is a private, not-for-profit organization whose functions are being governed by a board of trustees. The accounting standards are set and determined by IFRS Foundation through International Accounting Standard Board (IASB), an independent board working under the Foundation. The trustees of the Foundation ensures the independence of the IASB, and are accountable to the public while being answerable to the Monitoring Board composed of public authorities.
These objectives give the public an important insight on the purpose and function of the IFRS especially in harmonizing the reporting requirements of various organizations and bringing them to an acceptable and credible level of international standards.
The IASB is the standard-setting body within the IFRS Foundation. The members of the IASB is said to be the people responsible for the setting of the standards to be promoted by IFRS. According to the IFRS website, the IASB is composed of 15 full-time members and are “responsible for the development and publication of IFRSs, including the IFRS for SMEs and for approving interpretations of IFRSs as developed by the IFRS Interpretation Committee”. The IASB can be said as the heart of the IFRS, as IASB is the one responsible for the crafting of the standards to be adopted and promoted, in consultation with the various stakeholders in the accountancy profession throughout the world.
The highly globalized operations of business and even public firms and ...Download file to see next pagesRead More
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