The globalization of the world’s economy and markets led companies and nations to become world global players. In addition, more investments take place on a global level. Before the adoption of International Financial Reporting Standards (IFRS), different countries developed their own national accounting standards or adopted that of other countries. However, movement of business toward a global economy brought challenges in comparability, objectivity, reliability, understandability among others. These issues have accelerated the need to move toward global accounting standards. Thus these challenges spelt the need for a single set of high quality and globally accepted accounting standards. Required

1. Chooses a country, and discuss the Accounting standards adopted by this country.

2. How does accounting standards impact the development of Accounting practices.

3. List the financial statements required by the Accounting standards adopted by this country.

4. Compare the adopted Accounting standards in the country of your choice with International Accounting Standards.

Answer rating: 100% (QA)

1 India is such a country Adherence to the IASBs standards is voluntary but many countries have mand... View the full answer