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Importance of IFRS and IAS standards

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Importance of IFRS and IAS standards

  • This topic has 3 replies, 2 voices, and was last updated 9 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • September 17, 2015 at 2:14 am #272227
    Hiew Nam
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    Dear Sir,

    I am not so understand what is the importance of IFRS and IAS standards. Kindly guide me on the issue. Thank you.

    September 17, 2015 at 8:23 am #272243
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    I’m not sure that I understand your question! In order that there should be comparability between financial statements around the world, there needs to be standard accounting treatment for matters encountered in the process of preparation of financial statements.

    That standard accounting treatment is specified within the IAS and IFRS

    OK?

    September 17, 2015 at 9:16 am #272252
    Hiew Nam
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    I mean what is the benefits of adoption of IFRS and IAS to the company and its shareholders and different stakeholders. Thank you.

    September 17, 2015 at 10:18 am #272257
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    It gives certainty, comparability, reliability, credibility and acceptability of the treatment of accounting matters

    Isn’t that enough?

  • Author
    Posts
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