Evaluation And Classification Of The Financial Statements

913 Words Nov 16th, 2015 4 Pages
Consistency of presentation- IFRS needs that the presentation and classification of things in the financial statements is engaged from one period to the next except-
- it is obvious , following a important change in the nature of the entity’s and after a review of its financial statements, that another presentation is more better regard to the criteria for the selection and application of accounting policies in IAS 8.
- If IFRS need to change the presentation. Advantages
By adopting IFRS it is expected that the investors and other users of financial statements will be beneficial, by lowering the costs of comparing alternative investments and increasing the quality of information. Investors are ready to invest in the company so company are also getting benefit from IFRS. The company who is involved more in foreign activities will be more beneficial by switching to IFRS. However, Ray j Ball has criticised about overall cost of the international standard. He argues that the implemented of the standards could be careless, and the regional difference in accounting could become hidden behind a label. He is also concerns that fair value important of IFRS and the impact of accountants from non-common law regions, where damages have been recognized in a less timely manner.
The first factor relates to IFRS promise more accurate, timely and comprehensive financial statement information, which is relevant to the national standards. And the information mentioned and given by financial…
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