Amanj Mohamed Ahmad
Department of Accounting, Darbandikhan Technical Institute, Sulaymaniyah Polytechnic University, Sulaymaniyah, Iraq
Email: [email protected]
DOI: 10.23918/ICABEP2019p14
(Full Paper)
Abstract
Within the past few decades, the global financial circumstance has been changed significantly as a result of globalization. These changes can be seen as an extraordinary improvement in accounting reporting as well as accounting standards. This was very helpful in order to prepare a unified financial reporting to support and achieve advantages of financial statements, such as balance sheet, income statement, cash flow statement and so on. Additionally, this emotional improvement within the commerce climate, an expanding the level of instruction, developing the worldwide competition, developing economies and the quick improvement of advanced technologies have caused the global financial centres to be developed. This paper gives a review of some literature on applying international financial reporting standards (IFRS) in both developed and developing countries. The results could be helpful and fruitful for different users of accounting reports and also for legislators and regulators in order to develop the quality of accounting information. The idea of adopting international financial reporting standards for developing countries such as Iraq, Libya, Tunisia and etc… is significant in terms of unifying the accounting reports. This can be seen as a key for progressing the standard setting because the standard has been practised by many countries in the world.
Keywords: Applying international financial reporting standards, advantages and disadvantages, oil producing countries, developing countries.
ICABEP2019
International Conference on Accounting, Business, Economics and Politics
ISBN: 978-9922-9036-3-7
