International Financial Reporting Standards And The International Accounting Standards Board

1236 WordsApr 17, 20165 Pages
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 financial markets around the world by promoting trust, growth and long term financial stability in the global economy. Before the AASB 15 was introduced, some information on financial statements were not disclosed and there was no transparency. It was difficult for domestic and international entities to compare their financial reports because they used various reporting standards which disallowed them to compare reports. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) agreed to add useful methods to make revenue standards easier to understand. Additionally, it was developed to provide a better framework for addressing revenue issues and to provide more useful information to users of
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