Financial reporting practices
Financial reporting practices are unlikely to converge globally,despite efforts to harmonize financial reporting standards, ”(adapted from Leuz, 2010).
Explain and critically discuss this statement in light ofobstacles to uniform IFRS adoption across different countries andregions. Support your discussion with examples and insights fromdifferent academic studies.
Answer:
The International Financial Reporting Standards(IFRS) and other accounting criteria that remaintrained by each nation personally like IAS in India etc will neverconcentrate because we can notice any variations each moment. Somevariations here within IFRS and Generally accepted accountingprinciples (GAAP): Inventory judgment: InIFRS LIFO scheme is not permitted but in US GAAP y’all can manageboth of LIFO or FIFO. In International Financial ReportingStandards, if inventory is addressed poor it can not be changed infuture but in US GAAP that can be Revenue perception: InInternational Financial Reporting Standards it is common but in USGAAP it is based upon the specific business others are in, Towardproduction agreement we do complete understanding approach in USGAAP however we produce to accept a portion of fulfillment processfor all kind of designs in International Financial ReportingStandards.
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