Adoption of International Financial Reporting Standards (IFRS) is spreading around the world. Describe four reasons this...
Adoption of International Financial Reporting Standards (IFRS) is spreading around the world. Describe four reasons this is good and four reasons why this is bad.
Homework Answers
IFRS is getting adopted at global level.
IFRS is good as:
1. It will bring in uniformity in financial uniformity.
2. It will make comparison of two global entities easier.
3. Financial Institutions will be able to expand their market as they would be able to serve global entities on the basis of their existing financials based on IFRS.
4. Their would be sharing of accounting practices for dispute resolution.
IFRS may not help as:
1. Different not size of entities may not be able to adopt IFRS similarly,
2. Different economies have different business models and practices.
3. Two industries may not be able to adopt same IFRS due to complex transactions.
4. Adoption of IFRS is time consuming and requires expert knowledge which may be a costly affair for small entities.
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