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Ifrs Essay

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Below is an essay on "Ifrs" from Anti Essays, your source for research papers, essays, and term paper examples.

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The relevance of financial information to users is to give them correct information at the right time before decisions are made Reliable : – Financial information provided should be verifiable by independent auditors to ensure the information demonstrate the utmost faithful representation of the entity ‘s affairs Comparable : – Financial information reported in one entity should be able to be comparable with another entity ‘s financial statements that are it should be reported in a manner that is similar to the reporting to other enterprises ‘ in the same industry A part from the qualities of the financial information , there is other basic concepts that are applied in generally accepted accounting principles and makes them successful
It also assists in reporting the economic resources and the changes that have been in the period of reporting Generally accepted accounting principles are useful and helpful to financial statement users if they will have the following qualities : – Consistence : – The accounting standards must be consistent and the accounting methods applied must be consistent from one year to another If there are changes they should be communicated and justified to the financial users through notes to the accounts
This reduces the cost of reporting and converting the information reported in one country to the home country adopted accounting standards North America countries have stood by their own Generally accepted accounting principles
In America we use Generally accepted principles which are set by financial accounting standards board although we are moving towards convergence international accounting standards
We in United States use generally accepted accounting principle to govern the presentation ,...

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MLA Citation

"Ifrs". Anti Essays. 9 Dec. 2018


APA Citation

Ifrs. Anti Essays. Retrieved December 9, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/Ifrs-320026.html

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