Essays on Landsman

The ongoing internationalization process persuaded regulators and businesses worldwide to think of a common global accounting language for business affairs. This move led to the development of IFRS. International Financial Reporting Standards (IFRS), sometimes referred to as International Accounting Standards, is a globally recognized accounting framework for businesses worldwide. The major purpose of this accounting standard is to make company accounts understandable and comparable across international boundaries. Currently, over 110 countries are following the IFRS accounting system in order to address complexities relating to international business affairs. However, the United States has not adopted IFRS yet, and the country ...

Issues of Implementing Fair Value Accounting in Emerging Economies

QUESTION 3

The fair value accounting has ensured accuracy in the operation of different organizations and business. The fair value valuation ensures that the organization practice a robust internal control process to make reasonable and consistent valuations an argument supported Bies’ (2012), Fair value accounting. These valuations should be subjected to independent review as required by the internal control process in order to ascertain that they reflect the underlying conditions of the market and they can’t be changed without having been approved as ascertained by He, Wong, and Young’s (2012), Challenges for Implementation of Fair Value Accounting ...