1. Choose a country that has adopted IFRSs (i.e. global accounting standards) for at least 3...

80.2K

Verified Solution

Question

Accounting

1. Choose a country that has adopted IFRSs (i.e. globalaccounting standards) for at least 3 or more years, as revealed inthe accounting literature, and discuss the following: I. In whatyear did the country adopt IFRSs? II. Were the IFRSs introduced alltogether (at once), or gradually into the local accountingstandards of your chosen country? Explain the possible reason. III.Discuss the benefits and challenges reported in the literatureabout the adoption of IFRSs in your chosen country.

Answer & Explanation Solved by verified expert

4.1 Ratings (772 Votes)

1 India has adopted IFRS Global Accounting standards in Accounting Cirriculam in India in 2011 2 The strategy for adoption of IFRS was done in phases 1st its Voluntary adoption and after that In the Phase 1 India made some mandatory applicability for the following companies for beginning on or after 2016 a Net worth of Rs 500 Crore b Holding See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member