International Financial Reporting Standards Essay Sample | 409 Words

We will write a custom essay just for you for only $15.99 $13per page

899 Certified writers online

International Financial Reporting Standards Essay

International Financial Reporting Standards Essay Sample


Accounting was developed to help identify, quantify, and organize financial information so others could make educated decisions. The progression of how to approach this has evolved over the years, and several initiatives have been adapted to accommodate different economies.  One program currently applies to 166 jurisdictions (International Financial Reporting Standards, n.d.) across the world is called International Financial Reporting Standards or IFRS.

The overall goal of the IFRS is to establish shared guidelines so that financial information is transparent and comparable worldwide. It has been adapted as countries evaluate financial information and revise it to grow with global economics. Since its inception, the IFRS has had a sizable influence over international financial programs and continues to impact government entities, business relations, and industry decisions.

The history of the IFRS is based on several other organizations and collaborative attempts. International accounting became more widespread after World War II when wealth crossed country borders. The 8th International Congress of Accountants was held by the American Institute of Certified Public Accounts (AICPA) in 1962, where the members explored theories they hoped would eventually lead to expected standards. The AICPA later published Professional Accounting in 25 Countries as a review of accounting standards discussed at the meeting (Financial Accounting Standards Board, “Comparability,” n.d.).

In 1973, the AICPA established the International Accounting Standards Committee (IASC) by joining Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom, and Ireland with the United States (International Accounting Standards Committee, n.d.). The IASC promoted basic standards that could be recognized in financial statements worldwide. However, only a few countries decided to utilize these IASC standards; many had their financial infrastructure firmly established and did not want to adopt new policies (FASB, “Comparability,” n.d.).

While the IASC focused on international accounting standards, the United States had its own agency directing standard accounting principles. In 1973, the independent, not-for-profit organization known as the Financial Accounting Standards Board (FASB) was created to establish financial accounting and reporting standards for businesses that follow Generally Accepted Accounting Principles (GAAP).

The U.S. Securities and Exchange Commission (SEC), which monitors economic markets and vows to protect shareholders, selected the FASB as the guideline creator for public companies (Securities and Exchange Commission, 2017). The goal of establishing and improving monetary accounting and reporting standards to provide useful information to investors overlapped with the beliefs of some of the international community, which led to FASB’s agreement to join the IASC (FASB, “About the FASB,” n.d.).


Bonuses and discounts give up to
20% OFF!
Order Now

Frequently Asked Questions on the Topic

Get your 100% original paper done on any topic done as in as little as 4 hours

Table of Contents

Calculate the Price


Need help with your Assignment?

Give us your paper requirements,and we’ll deliver the highest-quality essay at only $13 a page.
get-assignment-help Need help with an assignment, essay, or online class? Order Now!

Writing Service That Meets Your Needs

Assignments start to pile up, and there’s no one to ask, “can you do my term paper?” Visit our write my essay for me platform, and let us take care of your homework. Be sure to take advantage of all the benefits we offer!

Student-Friendly Pricing & Refund Policy

Hey, we know students are not made of money, and that’s ok. That’s why we offer a write my essay cheap service, and operate a full refund policy in the unlikely case you’re ever not 110% not satisfied with our work.

24/7 Online Availability

The team DoMyEssay is always glad to help you, anytime. Chat with us online, day or night, and we’ll answer any question you might have.

High-Quality Academic Writing

We only offer the best quality writing because that’s what we’d like to receive ourselves. Every write my paper task will be done to the highest possible standard by academic writers who really know their stuff.

Complete Confidentiality

The safety and integrity of your data are of crucial importance to us. We don’t want anyone snooping around, and neither do you, hence all your do my paper for me requests are confidential.

Plagiarism-Free Papers Guaranteed

Originality is an invaluable asset, and when it comes to academic papers, it becomes a must. Every paper we produce is checked and double checked for plagiarism before it reaches you.

Punctuality & Reliability

We understand deadlines, and we also understand that lecturers and professors sometimes just cannot wait. We’ll write your academic paper ready on time and always by the deadline you specify.

Your Homework, Done Right

Tailored for You Only

You set the task – our expert handles it according to your specific instructions.

Get It in 3 Hours

With a team across every time zone, your impossible deadline is never a problem.

Top 2% Expertise

We employ only the best for you – enlist a top 2% expert in your field.

Scroll to Top