Principles of Calculating Worldwide Financial Reports

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Management Accountant Consultant (MAC) Case 1 Introduction Principles of calculating worldwide financial reports: The process of globalization in the financial markets has led to a growing emphasis on the standards that are to be maintained in the global market in accounting terms and has made increased efforts to acquiring the best standards which go along with all the internationally approved standards. The statements that are made in each country differ from each other according to certain laws, rules, standards, etc because the analysis and assessments about each transactions differ. Hence, this sometimes becomes very difficult to interpret because the methods of analysis are different which makes comparison, analysis and assessment quite difficult among different countries (Baker, 2008). The system and procedures of reporting these statements has a basis of excellent governing, the best quality and standard and lastly a structure upon which to work on for the process of economic development. The standards for the reports however form a basis for the investors and stakeholders to build a sense of trust in the analysis of these reports which therefore play a significant role in the contribution to development of the nation as a whole. It is also obvious that the globally acceptable standards therefore play an important part in the whole procedure (Epstein, 2009). In relation to this, the significance of an entity like International Accounting Standards Board

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