Fundamental Accounting Principles
Fundamental Accounting Principles
23rd Edition
ISBN: 9781259536359
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter 2, Problem 11QS
To determine

Concept Introduction:

International Financial Reporting Standards:

International Financial Reporting Standards are issued by the IFRS foundation and International Accounting Standards Board (IASB). They pronounce the universal language for accounting of business affairs of a company. They are the rules and principles to be followed by the book keepers to maintain books of accounts that are understandable, reliable and comparable across the boundaries of the nation to which the business pertains.

To analyze: The type of journal entry system applied under IFRS accounting, number and usual titles of the financial statements under IFRS, differences in accounting controls and enforcement that impact the accounting reports across the countries.

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Fundamental Accounting Principles

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