The article provides in-depth information on Egypt’s effort to reinforce its accounting and International financial reporting standards (IFRS) over the last twenty years. Egypt’s decision to liberalize its economy has indeed created more benefits for the country and this has allowed it to become a dynamic market economy incorporating both the private sector as well as the global economy. Subsequently, the Economic liberalization enabled the reactivation of the securities exchange market and the establishment of a privatization program. As a result, Egypt sought to integrate the International Financial Reporting Standards in order to enhance the efficiency and effectiveness of various ...
IFRS Article Reviews Samples For Students
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The article relates to as how entities both domestic and multinational, used the difference in valuation rules of LIFO and Non-LIFO Inventory Valuation methods for purpose of tax saving as LIFO was used solely for tax reporting purpose which increased their value of Cost of Goods Sold(COGS) and finally with low gross profits, entity had low tax liability and also comments on new tax conformity rule of IRS that puts a restriction of using two inventory methods while preparing financial statements if LIFO is used for tax reporting purpose.
IRS has determined that a taxpayer will not violate the ...