A review of the pragmatic utility of the adoption of International Financial Reporting Standards (IFRS)

A review of the pragmatic utility of the adoption of International Financial Reporting Standards (IFRS)

Author by Prof. Sunday Owolabi

Journal/Publisher: Merit Research Journal Of Accounting, Auditing, Economics, And Finance

Volume/Edition: 1

Language: English

Pages: 26 - 32

Abstract

The world has become a global village, international trades which include but not limited to exchange of goods and services, manpower, heavy duty plants and machineries, intellectual materials, foreign exchange transactions, foreign di investment (FDI), trade finance, loan deals, information communication technology (ICT) and political affiliation. In view of this international network of activities, the International Financial Reporting Standards (IFRS) came on board to make intern however difficult because to a large extent, each country has its own set of rules. For example, US GAAP are different from Canadian GAAP. Synchronizing accounting standards across the globe is an on-going process in the international acco is therefore to examine the fundamental issues involved in the application of IFRS. Methodology adopted in this study is of theoretical approach of secondary data authoritative texts, journals, publications and interviews. The findings of the study show that the issues in IFRS are highly technical and would require great skill and man and implement. The study therefore recommends comprehensive skill acquisition or consulting as an integral step in the process of IFRS implementation. An ideal area for further study is the various stages involved the entire process cycle for full implementation of IFRS.


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