Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Chapter C, Problem 1DQ
To determine

Discuss the need of global accounting standards in a business environment

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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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