| Nikolskaia Yulia Vitalievna, Khramova Alexandra Viatcheslavovna
Challenges of adoption of IFRS around the world
ID number: J2020115
Abstract: International Financial Reporting Standards are a set of international accounting standards that specify how transactions and other events should be reflected in the financial statements. IFRS are aimed at unification and convergence of interpretation of companies` financial statements from different countries. Unified standards make it easier to evaluate and compare the performance of various entities. IFRS aims to be a unified language of communication for financial professionals. Some economists claim that working under unified financial reporting system is going to significantly improve economies around the world, whereas others argue that the implementation of the standards is not worth it, as the process will cause too many problems. This paper analyses possible arguments against the adoption of International Financial Reporting Standards around the world.
Key-words: IFRS, standards, adoption, problem
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