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Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124

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Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124
Textbook Problem
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Briefly discuss why global accounting standards are needed in today’s business environment.

To determine

Discuss the need of global accounting standards in a business environment.

Explanation

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

Due to tremendous growth in international commerce, the companies require to report to the users outside the nation. Due to variances in accounting standards across the nations, the financial statements of the multinational companies were incomparable and difficult to deduce conclusions. To minimize such differences, global accounting standards, IFRS, were emerged, and international businesses migrated to IFRS.

Conclusion

Thus, global accounting standards were emerged to solve the variances in accounting standards.

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