International Journal of Financial Management

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International Financial Reporting Standards-A Tool for Harmonising the Financial Reporting


Affiliations
1 DoS in Commerce, University of Mysore, Mysore, Karanataka, India
2 GFGC Bilikere, Karanataka, India
     

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Accounting is a media which communicates the business and financial information of each and every organisation so as to cater to the needs of various interested parties. Business involves undertaking a series of activities, which may be financial or non-financial, to achieve its prime goal. Irrespective of the nature of the business activity, it is important to note that all the information in relation to the activities undertaken by them must be communicated so as to ensure the transparency and accountability towards its stakeholders. To achieve the quantitative and qualitative communication of business and financial information, it is necessary to follow standardized, comprehensive, and unified accounting standards and guidelines. One such standard is International Financial Reporting Standards. The present study is intended to analyse the perception of users of financial statement from financial analysts and investors. Based on the primary data, it is found that users of financial statements are having positive perception towards harmonisation of accounting standards and they opined that it enhances the quality of financial reporting.

Keywords

Harmonisation, IFRSs, Quality of Financial Reporting.
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  • International Financial Reporting Standards-A Tool for Harmonising the Financial Reporting

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Authors

N. Abhishek
DoS in Commerce, University of Mysore, Mysore, Karanataka, India
M. S. Divyashree
GFGC Bilikere, Karanataka, India

Abstract


Accounting is a media which communicates the business and financial information of each and every organisation so as to cater to the needs of various interested parties. Business involves undertaking a series of activities, which may be financial or non-financial, to achieve its prime goal. Irrespective of the nature of the business activity, it is important to note that all the information in relation to the activities undertaken by them must be communicated so as to ensure the transparency and accountability towards its stakeholders. To achieve the quantitative and qualitative communication of business and financial information, it is necessary to follow standardized, comprehensive, and unified accounting standards and guidelines. One such standard is International Financial Reporting Standards. The present study is intended to analyse the perception of users of financial statement from financial analysts and investors. Based on the primary data, it is found that users of financial statements are having positive perception towards harmonisation of accounting standards and they opined that it enhances the quality of financial reporting.

Keywords


Harmonisation, IFRSs, Quality of Financial Reporting.

References