Australia Has Introduced Australian Equivalents To

Globalisation has led to a greater extent countries to open their doors to foreign investment. As business expands across borders, twain the public and private sectors be increasingly recognising the need for globally accepted accounting and auditing standards. approximately major crownwork letter markets atomic number 18 pursuing convergence towards a single set of globally accepted standards recognising that global capital markets require high quality, globally consistent and uniform regulative and standards regimes. So Australia has introduced Australian equivalents to international Financial Reporting Standards (AIFRS) for reportage periods commencing on or subsequently 1 January 2005. The transition from the old Australia Generally Accepted method of accounting principles (AGAAP) to AIFRS is a major sort for companies. Based on the look for from academic and professional journals, the benefits of adopting IFRS are obvious (Carroll, 2003a), it becomes a more effective communication and amour between business, investor and other shareholders. The benefits of word meaning are likely to outweigh of the negative impacts.

A1. Benefits to Australian bank line a) Quality and Comparability of Finan cial Statements and much Efficient roof Ma! rkets The benefit of adoption of IFRS is improvement in the efficiency of the capital markets that will arise from the existence of a set of globally accept fit accounting standards that result in high-quality, similar and transparent financial reporting (Alfredson, 2003a; Alfredson, 2003b). At this point, both municipal and foreign investors will be better able to extend the information contained in Australian financial reports and do validated comparisons with alternative investment opportunities. Also, a large...If you want to scram a full essay, order it on our website: OrderCustomPaper.com

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