A Report on The International Financial Accounting Standards

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Recommended: Historical development of accounting standards

The purpose of this report is to provide relevant background information on the history and status of international IFRS convergence. The history of international IFRS Convergence displayed the significant growth of convergence over time from the 1960’s till now. With many major players such as IASB, FASB AASB agreeing to work collaboratively with each other to improve and converge to international standards. The report ought to further highlight the current developments in the relationship between these major players in International Financial Reporting Standards. Many other major capital market standard settlers have since co-existed and cooperated with the stated goal of issuing converged standards. In conclusion this report will outline possible implications that may be taken into account when improving developments for the future of International Financial Accounting Standards. These include further comprehensive research in issuing standards, new strategies for enforcing standards and minimising complexity.

Introduction:

The purpose of this report is to examine the changes in the developments of global financial reporting standard setting over time, seeing as the era of close operation and convergence projects between the IASB and the FASB is ending. Whilst focusing on the speculation about the implications of changing international accounting standards setting arrangements has transpired on the remark of a new vision by Russell G. The report will identify the history and status of international IFRS convergence; the current highlights in development between major players in international financial reporting standards and finally discuss the possible implications of these developments for the future of internat...

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... simplify its standards wherever possible. The complexity of some IFRS requirements may discourage some countries from fully embracing the standards. IFRS should focus more on ensuring financial reporting facilities international investment and trade by meeting the evolving needs of international investors and businesses, rather than achieving complete uniformity.

Conclusion:
This report has examines the history and status of international IFRS convergence, the current developments in relation to international financial reporting standards and the possible implications of these developments for the future of international financial reporting standards. It has been determined that the implementation of a new strategy for enforcing standards upon regulators to collaborate and produce consistent enforcement would not only minimise complexity, but improve uniformity.

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