Volume : III, Issue : VII, July - 2013

International Financial Reporting Standards (IFRS)

Dr P. Gurusamy, K. Mahendran

Abstract :

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external. Companies that have high levels of international activities are among the group that would benefit from a switch to IFRS. Companies that are involved in foreign activities and investing benefit from the switch due to the increased comparability of a set accounting standard. It would reduce different accounting requirements prevailing in various countries there by enabling enterprises to reduce cost of compliances

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Dr P.Gurusamy, K.Mahendran International Financial Reporting Standards (IFRS) Indian Journal of Applied Research, Vol.III, Issue.VII July 2013

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