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Financial Accounting standards (Example)

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Student Name Instructor Name Course Name Date Accounting Standards Accounting standards are written policy documents issued by expert accounting body or by the government or other regulatory covering the aspects of recognition measurement presentation and disclosure of accounting transactions in the financial statements. The ostensible purpose of the standard setting bodies is to promote the dissemination of timely and useful financial information to investors and certain other parties having an interest in any organization’s economic performance (Hans B 50). The accounting standards reduce the accounting alternatives in the preparation of financial statement within the bounds of rationality. Thus ensuring comparability of the financial statement of different enterprises. Furthermore the accounting standards are developed with the intention to reflect a consensus on accounting to be used in a separate identified area such as inventory valuation depreciation capitalization of costs and amortizations. Therefore in general accounting standards focus on improving the but does not require full disclosure of its requirements. Thus the introduction of FRS 102 provided more different subtle between the frameworks which are all acceptable though with slight changes in how certain information and transaction are presented and in how corporation tax is determined. Worked Cite Christensen Hans B. et al. "Incentives or standards: What determines accounting quality changes around IFRS adoption?." European Accounting Review 24.1 (2015): 31-61. Wang C. (2014). Accounting standards harmonization and financial statement comparability: Evidence from transnational information transfer. Journal of Accounting Research 52(4) 955-992. Collis Jill Robin Jarvis and Len Skerratt. "The role and current status of IFRS in the completion of national accounting rules–Evidence from the UK." Accounting in Europe 14.1-2 (2017): 235-247. Ali Arshad et al. "The Impact and Implications of International Financial Reporting Standards in the United Kingdom: Evidence from the Alternative Investment Market." Australian Accounting Review 26.4 (2016): 360-375. [...]

Order Description:

Critically evaluate the implications of having two accounting standards, such as international accounting standards (IAS and IFRS) and FRS (Financial Reporting Standards) 102, for non-listed companies in the UK. Below is attached guidelines to follow, please go read through thoroughly

Subject Area: Accounting

Document Type: Reports

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Project's rating is 5/5

Price $20

Words 550

Pages 2

Completed in 2 days

Expert mmanu

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