International Accounting Standard 7 : Statement Of Cashflow

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International Accounting Standard 7 – Statement of Cashflow
International Accounting Standards
The International Accounting Standard Board (IASB) carries out the role of setting accounting standards which are used all over the country. The IASB comprises with groups of experts who drive the role with their experience background in creating the standards of accounting, auditing, preparing the financial statements and also in Academic Accounting education.
Aims of the IASB
IASB aims to develop in the public interest by setting a high quality accounting standards which are understandable and enforceable worldwide. The accounting standard is transparent and comparable information in the financial statements. IASB also operate to work actively with the national standard setters to bring union of national accounting standards and International Financial Reporting Standards (IFRS). These aims are set based on the consideration on providing important, reliable information which is easily accessible by the users of the IAS and to look for future development in the quality of the standards to restrain resources. In the consideration process, the staffs of the IASB are asked to identify, review and raise issues that might warrant the IASB’s attention. (IFRS, 2014, Online)
“The IASB also seeks active co-operation with national standard-setting bodies during all stages of the development of IFRSs. To foster the exchange between national and regional standard-setting bodies and the IASB,

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