International Accounting Perspectives Coursework

International Accounting Perspectives - Coursework ExampleBeing highly-developed after an international consultation, international pecuniary reporting shopworns are made after a out-of-pocket process. The standards are made through a process that consists of six stages. These entangles setting the agenda, planning the project, developing and plan of attack up with the discussion paper, developing and publishing the exposure draft, developing and publishing the standard and after the standard is issued. One of the major features of international financial standard includes fair presentation and complying with IFRS. This implies that all the transactions mustiness be represented in a faithful manner. The income, expenses, liabilities and assets must be represented as outlined by the IFRS framework. The second feature of International pecuniary Reporting is that it ensures the principle of going on concern. This implies that financial statements must treat a business as a going on concern unless the owners hope to cease trading or liquidate the company. Other key features of International fiscal Reporting include offsetting, frequency of reporting, accrual basis of invoice, materiality, consistency of presentation and comparative information. One of the major goals of International Financial Reporting Standards is to provide guidance for the preparation of financial statement instead of setting rules that an industry is sibylline to follow while it is reporting its financial position. It is worth to note that by use of International Financial Reporting Standards especially by firms operating globally, it is possible to emulate a reporting language that whoremonger be easily understood by auditors and investors. With more than 100 countries requiring all the public companies to apply the IFRS, the accounting policies globally will greatly improve by 2015.International Accounting Standards Board (IASB) was formed in March 2001 in United States as a non profit firm. During the establishment of the organization, the purpose was