Manuscript Number : GISRRJ120354

Impact of International Accounting Standards (IAS) on Global Financial Reporting

Authors(1) :-Dr. Sanjeev Pal Singh

The International Accounting Standards (IAS) have brought significant changes to the market of financial reporting systems. These standards have enhanced the quality of the published financial statements through enhancing the quality and comparability of the information contained in them making the statements the bedrock of modern financial reports. Due to the existence of a broad framework for accounting, IAS allows the obligations to be met by different stakeholders such as investors, regulators, as well as the businesses and evaluate the financial information with more comprehensibility and uniformity across the national and international borders. The IASs under discussion comprise their historical background, their development and the change to the IFRS standards There is information about the origins and evolution of IAS in this paper. This focuses on main characteristics of IAS, including relevance, reliability, comparability and reasonable presentation which form the basis for the utilisation of their efficiency in providing quality financial reports. The paper also looks into various countries’ implementations of IAS to establish how the world has adopted the use of these standards. It assesses the implication of these factors on accrual-based systems of financial reporting, focusing on the opportunities that accrue from its implementation such as a boost in investor confidence and economic integration as well as the numerous problems that are associated with it including; the cost of implementation as well as disparity across different regions. The paper analyses the aspects of adoption, the level and the degree of compliance, as well as the economics of IAS. It ranged from enhanced FDI, efficiency, trade and cross border financial transactions. This analysis shows why IAS is crucial in ensuring that all Countries work hand in hand, visibly and efficiently in producing reliable financial reports.

Authors and Affiliations

Dr. Sanjeev Pal Singh
Associate Professor, Faculty of Commerce, R.B.S. College, Agra

International Accounting Standards (IAS), Financial activities, foreign direct investment (FDI), Globalization, International Accounting Standards Board (IASB).

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Publication Details

Published in : Volume 4 | Issue 1 | January-February 2021
Date of Publication : 2021-02-28
License:  This work is licensed under a Creative Commons Attribution 4.0 International License.
Page(s) : 148-156
Manuscript Number : GISRRJ120354
Publisher : Technoscience Academy

ISSN : 2582-0095

Cite This Article :

Dr. Sanjeev Pal Singh , "Impact of International Accounting Standards (IAS) on Global Financial Reporting", Gyanshauryam, International Scientific Refereed Research Journal (GISRRJ), ISSN : 2582-0095, Volume 4, Issue 1, pp.148-156, January-February.2021
URL : https://gisrrj.com/GISRRJ120354

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