IASB Accounting Standards Analytical Essay

IASB Accounting Standards
Looks at the effectiveness of the International Accounting Standard Board (IASB) accounting standards.
# 148053 | 1,925 words | 20 sources | MLA | 2010 | PK
Published on Aug 29, 2011 in Business (Accounting) , Business (International) , Accounting (General)


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Description:

This paper explains that International Accounting Standard Board (IASB) accounting standards, which set rules by which financial statements are prepared, are rigid and do not vary from one business to another. Next, the author reviews the practical application of several pronouncements by the IASB called International Financial Reporting Standards (IFRS). The paper concludes that these accounting standards diverge with the decision making process of companies and may obstruct the smooth and accurate flow of information; therefore, the IASB should develop more pragmatic accounting standards by involving people in its development process who are closer to actual companies, such as accountants and managers.

Table of Contents:
Introduction
IASB and Its Principle
Critical Analysis Of Principles Published by IASB
Conclusion

From the Paper:

"According to FRS 3, every business should include the analyses of continuing operations, discontinued operation and acquisitions in their profit and loss account. Similarly, they should also make provisions for extra-ordinary items in their financial statements. This might be misleading because discontinued operations have no relevance for the business, after they are dumped and may overstate or understate the performance of the company. Similarly, extraordinary items are of little or no importance for the company, and including such items in the financial statement will only increase the burden and paper-work for accountants."

Sample of Sources Used:

  • International Accounting Standards Board(IASB), Visited on 12 June 2009,<www.iasb.org>
  • Frank Wood. Accounting. Pearson Education, Low-Price-Edition (2002)
  • John Blake. Accounting Standards. Pearson Education; 7 Sub edition (August 2000)
  • Leslie Steven. Smart Business Orange County (November 2007)<www.sbnonline.com/Local/Article/13441/77/115/New_accounting_standards.aspx>
  • IAS PLUS. Summaries of International Accounting Standards, Visited on 12 June 2009.http://www.iasplus.com/standard/standard.htm

Cite this Analytical Essay:

APA Format

IASB Accounting Standards (2011, August 29) Retrieved January 19, 2022, from https://www.academon.com/analytical-essay/iasb-accounting-standards-148053/

MLA Format

"IASB Accounting Standards" 29 August 2011. Web. 19 January. 2022. <https://www.academon.com/analytical-essay/iasb-accounting-standards-148053/>

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