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Guidance

In: Business and Management

Submitted By 69athena
Words 573
Pages 3
Globalization is changing many of the existing reporting rules and standards that are currently used in the field of accounting today. Accountants will need to adapt to the challenging task of working with both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) reporting methods in order to conduct everyday business. The following paragraphs will discuss reporting, GAAP and IFRS standards of reporting
Some advocate the idea that companies should voluntarily disclose financial information they deem important instead of using standardized financial reporting. I disagree with this method of disclosure because it would be time consuming and confusing for investors and creditors to decipher. “Further, readers of financial statements would have to familiarize themselves with every company’s peculiar accounting and reporting practices” (Kieso, Weygandt, and Warfield, 2012, p. 7). Voluntary disclosures from companies may be a temptation to manipulate numbers in their favor to hide debt, hide risk and control stock prices. When comparing standardized and voluntary disclosure methods in reporting, general-purpose financial statements are the more cost effect and furnish the most pertinent data to the various user groups. In addition, companies not using general-purpose statements run the risk of not raising enough investment capital because they are not providing investors and creditors with enough information.
The IASB (International Accounting Standards Board) is the independent standard-setting body of the IFRS (International Financial Reporting Standards) Foundation. According to a Deloitte sponsored website called IASPlus, the IASB develops and pursues its technical agenda, prepares and issues IFRSs (other than Interpretations) and exposure drafts by following the due process stipulated in the

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