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However, some point to the disadvantages of the IFRS in the US.The GAAP is seen as being specific and fairly inflexible with rigid practices while the IFRS are principle based, allowing greater flexibility in the area of revenue recognition etc (Epstein).However, they used to be shielded from these lawsuits effecting their global operations as these auditing firms operate as memberships, with each affiliate company being a member of the global group and reporting to a central office. They are the ones responsible for listing and analyzing......?
Numerous experts blame the fair market principles for the financial crisis plaguing the world today.
Since most of the companies were required to report some of their financial assets at fair value, it resulted in inflated reporting as the house prices rose and the sudden adjustment downwards as the bubble burst leading to problems for many banks and financial institutions.
The obvious benefits of allowing investors to get a good view of the accounts, with elements marked at today's value may be losing out on the disadvantages of the fair value method, as is evident from the financial crisis hitting the world today. https://studentshare.org/finance-accounting/1501637-accountinggoals-and-importance-in-the-world....? The Importance of Accounting Standards to Financial Accounting First of The Importance of Accounting Standards to Financial Accounting Introduction Successful business operation depends on the effective implementation of company policies.
Along with the sub prime crisis, the news is abound with financial frauds and accounting scams ranging from the Satyam case in India to Parmalat in Italy (Byrnes). These are formulated to serve as a guideline to all members of an organization.
I attend an SSL (English as second language) school to build my English foundation.
I studied very hard and tried to improve my English.
Different areas of the world follow different accounting standards with the US businesses following the GAAP under the FASB and many countries of the world, particularly in Europe opting for the IFRS that are moderated by the IASB (Epstein).
There have been frequent cries about adopting similar standards and the FASB and IASB have even cooperated in 2002 to bring the two standards closer in conformity so as to adopt them in the US.
Furthermore, the US companies may have to incur major costs to shift to the new global standards which could be costly for many.
Another point of contention is the funding behind the IASB which receives funds from a few large corporations which may leave its integrity into doubt.