International Financial Reporting Standards-IFRS

International Financial Reporting Standards-IFRS

Introduction

The purpose of this study is to expand the boundaries of our knowledge by exploring some relevant information relating to the analysis of International Financial Reporting Standards. IFRS are a set of accounting standards and related interpretations and conceptual framework issued by the International Accounting Standards Board. International Financial Reporting Standards specify (David, 2008):

presentation of financial data,

individual components of the valuation methods of assets and liabilities ,

the scope of information that must be disclosed in the financial statements ,

a presentation of the cash flow,

methods of presentation assets

Discussion

Survey

The survey is conducted to obtain their knowledge level of IFRS and research on the two different types of methods (qualitative & quantitative). The survey is important for not only the authority implementing accounting standards, but also for employees to understand that what the lacking variables are and in which part, the company needs to improve itself.

There are various research methods that can be used by the researchers during the research process. These research methods can broadly be categorized as qualitative research approaches. Quantitative data refers to all such data and can be a product of all research strategies. This method is the easy way to collect information from large numbers of sample. In my research I will use quantitative method to collect and analysis information through surveys.

Surveys are generally used to collect a large amount of data from a sample of a large population. This type of approach allows the collection of a large amount of information in at a particular time of a study. 

In this study, we have developed a pool of questions based on IFRS to find out the depth of knowledge of accounting professionals regarding the accounting standard. Following are some survey questions:

What are the benefits of implementing IFRS?

What are the benefits of adapting IFRS as an accounting professional?

Comparing to GAAP, does IFRS exerts more effective results?

What is the difference between GAAP and IFRS?

On the basis of these questions, the accounting professionals came up with the following responses: Most of the accounting professionals were of the opinion that International Financial Reporting Standards is the combination of accounting standard. It states that how different types of the transaction and other accounting events should be reported in the financial statement. (Barry, 2008).

With regards to the survey, some accounting professionals have argued that the use of international standards alone has led to consistent and comparable financial statement disclosures, but others have countered that ...