Comtemporary Issues in Accounting

Explain the potential proceedss and negative impacts arising from the credence and death penalty of the fiscal reportage Councils directive to the Australian history Standards parade board (AASB) to adopt international accounting standards. In ill-tempered, providing the sources of different cycloramapoints and undertake to explain why these different parties may passion or oppose AIFRS from the perspective of positive accounting theories, stakeholders conjecture, authenticity theory and regulatory theories. On 3 July 2002, the Australian monetary Reporting Council (FRC) announced Australia would adopt international accounting standards for describe periods startle on or after 1 January 2005. Accordingly, the Australian Accounting Standards Board (AASB) has issued Accounting Standards that are equivalent to Standards issued by the external Accounting Standards Board (IASB) and that is referred to as AIFRS. However, while or so of the actual Australian accounting s tandards (AASs) will be replaced by AIFRS, slightly of the AASs will not be replaced by an AIFRS and be go on to apply. FRC also stated AIFRS will be applied to tout ensemble coverage entities, both listed, unlisted, habitual or private entities.

thither have been some utility and disadvantage of AIFRS and different view points on interpretation and implementation of AIFRS from stakeholders, society and many position groups. In this assignment, they are discussed beneath: ? Advantage impact of adoption of AIFRS: ? Firstly, it is obviously recognized that on that point would be a concorda nt world-wide financial reporting when AIFR! S applied in Australia. thither is certainly no benefit for Australian economy in general and listed companies in particular if they have unique domestic Accounting Standards because they are foreignness and would not be understandable by the rest of the world. This enables Australian companies financial statements can be understood in the global marketplace, and facilitates access to...If you want to communicate a full essay, ready it on our website: BestEssayCheap.com

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