International Financial Reporting Standards And The International Accounting Standards Board

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REVENUE ACCOUNTING ASSIGNMENT 2 – BUSINESS REPORT Name : Jea Sun Lee Student Number : N9558195 Word Count : 1000 words Table of Contents EXECUTIVE SUMMARY 5 1.0 Introduction 6 2.0. Research and Evaluation 7-8 3.0 Future Implications of adopting AASB 15 for Australian companies 9 4.0 Conclusion 10 Reference List 11-12 EXECUTIVE SUMMARY The International Financial Reporting Standards (IFRS) Foundation and the International Accounting Standards Board (IASB) are a global language for business affairs that was established in 2001 in order to develop a single set high quality and globally accepted reporting standards. ("IFRS - Organisation history", 2016). The point of the IFRS was main stability and transparency in the…show more content…
1.0 Introduction There are many different types of accounting standards and principles in the business world. It would be difficult for financial markets to operate and compare reports with these different various standards. Therefore, the International Accounting Stands Board have developed a new way of reporting financial information. The International Financial Reporting Standards (IFRS) foundation and the International Accounting Standards Board (IASB) were established in 2001 in order to develop a set of high quality and acceptable financial accounting standards. ("IFRS - Organisation history", 2016). The aim of this report is to firstly summarise the significant changes in the Australian Accounting Standards Board (AASB 15) and how they address perceived deficiencies in the current standards. Then, it will highlight the future implications of adopting the AASB 15 for Australian companies. 2.0. Research and Evaluation International Financial Reporting Standards (IFRS) is a set of principle-based accounting standards that states how certain transactions should be reported in financial statements. ("International Financial Reporting Standards (IFRS) Definition | Investopedia", 2005). The IFRS harmonized accounting across the European Union (EU) and standards that were issued by the International Accounting
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