Facilitating The Adoption Of Ifrs

869 WordsJul 13, 20154 Pages
Facilitating the Adoption of IFRS/IAS International financial reporting standards (IFRS) are the attempt of the International Accounting Standards Board (IASB) to globally harmonize accounting standards and financial reports (Doupnik & Perera, 2014). Such standards are principles developed by the IFRS foundation and the IASB whose goal are to implement international accounting standards (IAS) which promote transparency, accountability, and efficiency of financial reporting to ensure organizations draft financial reports that are comparable internationally (IFRS Foundation, 2015). In an effort to facilitate the adoption of IFRS, accounting professional bodies worldwide such as the Institute of Chartered Accountants of Scotland (ICAS) have implemented initiatives to guide and train their members in understanding the new standards adopted within their espective country. The Institute of Chartered Accountants of Scotland. The Institute of Chartered Accountants of Scotland (ICAS) is the Scottish professional body of accountants established by Royal Charter in 1854. The purpose of the ICAS is to educate and regulate accountants, provide examinations and audits of organizations, maintain professional standards of accountants, and provide research for changes in the accounting profession worldwide (ICAS, 2015). The ICAS is governed by a council, oversight board, operation boards, qualification, technical policy, and member engagement board who monitor the strategy, budget and
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