What is IFRS and IAS?


The IFRS and IAS accounting standards are international accounting rules that help to maintain confidence among capital market players around the world. For best accountancy training Best school of accountancy In Lahore.Focus on these standards.
What are these accounting standards for?
The accounting standards used to improve understanding of the accounts. At the international level, the IAS and IFRS standards, ie International Accounting Standards and International Financial Reporting Standards , were created to establish a uniform accounting system among all countries in the world.
Why were these accounting standards created?
In the 2000s, there were several financial scandals that lastingly scalded confidence between the different countries. IFRS and IAS apply in more than 100 countries . Companies listed on the stock exchange as well as major international groups are obliged to respect these standards to present their accounts. Therefore, the largest groups are affected by the IFRS and IAS accounting standards currently.
What are the obligations ?
IFRS and IAS allow for greater transparency in the analysis of the company's economic and financial situation. In addition, these accounting standards provide for more  effective comparability and visibility of accounts , and  facilitate competition and the flow of different capital . Finally, they make it possible to be more reactive to the internalisation of exchanges by designing a single system of high-quality accounting standards.
 The creation of the IFRS and IAS accounting standards resulted in significant changes in the French accounting method , which disrupted many companies during a few months. Moreover, these international standards are still strongly criticized today , their instability being often pointed at.

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