Advantages of ifrs over the other accounting standards, accounting, Basic Statistics

Assignment Help:

IFRS has a lot of advantages over the other accounting standards -

Provides consistency

Ensures better comparability across organizations across the globe

Decreases the cost of capital

Helps in raising capital abroad

Companies with subsidiaries in multiple countries can use the same accounting language across all countries.

With the IFRS, there is no need to develop and maintain national standards

Cross border acquisitions become easier with the IFRS standards being the same across the globe

Public in any part of the globe can understand the financial statements of overseas companies, suppliers, customers etc.

Easier consolidation

Although, IFRS has a lot of advantages over the GAAP, a lot of people believe that US GAAP is better than IFRS. IFRS has its own disadvantages in front of GAAP. The US organizations which do not have enough operations outside the US do not have enough incentive to prepare financial records as per the IFRS. Also, there are some filings with some authorities that require GAAP. Thus, for US organizations that need these filings, it results in additional costs to follow both GAAP and IFRS.  Moreover, IFRS is known to provide much lesser detail than the GAAP.  Christopher Nobes (1997).

Expertsmind.com offer unique solution in Accounting


Related Discussions:- Advantages of ifrs over the other accounting standards, accounting

Estimate the proportion of lake trout with lamprey scars, In a certain lake...

In a certain lake a limnologist wishes to estimate the proportion of lake trout with lamprey scars. (a) How large of a random sample should be taken if the limnologist has no pr

Galvanometer to voltameter, a millemeter ammeter of resistance 5m amp is to...

a millemeter ammeter of resistance 5m amp is to be used to measure a potential difference of 50volt.calculate the multiplier resistance

Calculate and interpret the measures of dispersion for data, You are workin...

You are working for the management of ESK Jewellery as a marketing consultant. The main business of ESK Jewellery is the retailing of diamond jewellery. They opened their first sho

What is a purchase allowance, What is a purchase allowance? A buy permi...

What is a purchase allowance? A buy permitting is a reduction in the customer's cost of products that it had purchased. The buy permitting is granted by the provider because of

Replacement theory, who is the mathematician who invented replacement theor...

who is the mathematician who invented replacement theory of operation research

Pie diagram, A survey was conducted among the residents of Pune City, its s...

A survey was conducted among the residents of Pune City, its suburbs and the Pune Cantonment area. The following three pie diagrams show their respective preferences for living in

Standard deviation, Standard Deviation: The standard deviation is a gauge o...

Standard Deviation: The standard deviation is a gauge of the variance, or dispersion, of the market return over its average returns. Thus Standard Deviation gives an insight of tot

BALANCE SHEET , BALANCE SHEET A financial report that shows the resources,...

BALANCE SHEET A financial report that shows the resources, obligations, and stock of a business at a specified time frame in complying with usually recognized sales concepts (GAAP

Observe value of the appropriate test statistic, As part of a study of corp...

As part of a study of corporate employees, the Director of Human Resources for PNC wants to compare the distance travelled to work by employees at their office in downtown Edmonton

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd