Benefits of Adopting IFRS

Question

“Although the 2005 adoption of IFRS was a major regulatory transition affecting several tens of thousands of companies worldwide, its costs and benefits were initially unclear.” (George, Li & Shivakumar, 2016).

Required:

Critically discuss the above statement by outlining costs and benefits of adopting IFRS by reporting entities throughout the world. Do you think that culture has any influence on harmonising accounting standards globally?

Summary

This question belongs to accounting and discusses about benefits of adopting IFRS by reporting entities throughout the world.

Word count: 1064

 

 

 

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