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THE PROPRIETY OF INTERNATIONAL FINANCIAL REPORTING STANDARDS

September 21, 2007

Analysis of:IASB Revises Financial Statements Standard | www.webcpa.com

WHY PROPER The idea of having International Financial Reporting Standars is appropriate in view of the current wave of globilization. Its implementation is providing one important facility for free movement of capital and reporting on its performemnce. However, there are major considerations that must be taken into account. DIVERSITY OF LEGAL AND ECONOMIC REGIMES Different legal and economic regimes call for different reporting requirements. The areas of taxation and stakeholder preferences are perhaps the most obvious. It is therefore should be correct that International Accounting Standards should more generic than specific, concentrating on international convergence of accounting principles and leaving the details pertaining to rules to local jurisdictions. The question the is it correct to to adopt the standars wholesale without customising them to suit local conditions? INERNALISING THE PROCESS Customising the International Standards would help to internalise the

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