Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter C, Problem 1DQ
To determine
International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.
To discuss: The need of global accounting standards in a business environment
Expert Solution & Answer
Explanation of Solution
Due to tremendous growth in international commerce, the companies require to report to the users outside the nation. Due to variances in accounting standards across the nations, the financial statements of the multinational companies were incomparable and difficult to deduce conclusions. To minimize such differences, global accounting standards, IFRS, were emerged, and international businesses migrated to IFRS.
Conclusion
Thus, global accounting standards were emerged to solve the variances in accounting standards.
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