Australia Has Introduced Australian Equivalents To

Globalisation has led more countries to open their doors to foreign investment. As business expands across borders, twain the public and private sectors be increasingly recognising the need for globally accepted accounting and auditing standards. most major smashing letter markets atomic number 18 pursuing convergence towards a single set of globally accepted standards recognising that global capital markets require high quality, globally consistent and uniform regulative and standards regimes. So Australia has introduced Australian equivalents to external Financial Reporting Standards (AIFRS) for reportage periods commencing on or by and by 1 January 2005. The transition from the old Australia Generally Accepted score principles (AGAAP) to AIFRS is a major sort for companies. Based on the look into from academic and professional journals, the benefits of adopting IFRS are obvious (Carroll, 2003a), it becomes a more effective communication and amour between bus iness, investor and other shareholders. The benefits of acceptance are likely to outweigh of the negative impacts.

A1. Benefits to Australian stock a) Quality and Comparability of Financial Statements and much Efficient slap-up Markets The benefit of adoption of IFRS is improvem! ent in the efficiency of the capital markets that will arise from the existence of a set of globally accept fit accounting standards that result in high-quality, comparable with(predicate) and transparent financial reporting (Alfredson, 2003a; Alfredson, 2003b). At this point, both domestic and foreign investors will be better able to insure the information contained in Australian financial reports and do legitimate comparisons with alternative investment opportunities. Also, a large...If you want to scram a full essay, order it on our website: OrderCustomPaper.com

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