INTERNATIONAL ACCOUNTING STANDARDS IAS
What are international accounting standards and why are they essential?
- Why is there a need for international accounting standards (IAS)?
- What are the key concepts and assumptions underlying international accounting standards?
- What are the differences and similarities between a given contry's and international accounting standards?
- With regard to underlying concepts?
- With regard to balance sheet items?
- With regard to income statement items?
- Accounting standards are generally issued by the professional accountancy organisation within an individual country
- Government departments and tax authorities usually have a significant influence on these accounting policies
- These professional organisations issue the "generally accepted accounting principles" (GAAP) for their individual jurisdictions
- In given country, accounting standards are proposed by a committee consisting of ministerial civil servants, academics and representatives of the business community. These proposals are then enacted into law by the parliament.
challenge to win