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Essay / Research Paper Abstract
This 9 page paper discusses the statement that “Implementing international accounting standards will require considerable time and resources but the end results will be beneficial for all UK companies”. The paper looks at the benefits and the costs that will be realised as a result of harmonisation of accounting standards. The bibliography cites 9 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TEiaccounts.rtf
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Unformatted sample text from the term paper:
involved in implementing international accounting standards, much of which is borne by the companies. The benefits may be more apparent to quoted companies but the same issues may also be
applied to non-quoted companies. International trade and investment means that it is desirable for those with direct dealing with a company to be able to understand the position of
that company. These may be investors, lenders, trading partners or any number of potential stakeholders. The annual accounts are the major tool used by these stakeholders to assess an
investment. Although not used in isolation, they are a primary source of information. To make a business decision there is the need to have trust in the annual accounts. It
is for this purpose many systems of auditing were developed, to ensure that audited accounts gave a true and fair picture of the companys accounts for that year (Elliott and
Elliott, 2005). The accounting system in any country will often have a range of choices that can be made, such as stock valuations, with first in first out, fair
market value and even last in first out. The companies will have a choice, although the latter option may not be available in some countries. Therefore, even in a single
country there are choices. When it is considered the level of flexibility internationally there are a range of standards, and this makes it difficult for an investor, if a key
factor of investment is to make sure they understand the accounts. Comparing company performance between and UK or US company and one in China requires more than just comparing the
figures, but if the basis of the evaluation is performance this is likely to be based on figures so there needs to be at least a broad understanding of the
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