The impact of implementing (IFRS) on the accuracy and reliability of financial statements in economic entities
Keywords:
Financial Reporting, Financial Information, Financial Reporting Standards, International Accounting Framework, Regulatory ApproachAbstract
The magnitude of the financial reports and the various activities associated with them necessitated the search for autonomous standards developed by impartial organizations. The financial reports demonstrate their reliability, comparability, and stability. They are free from any significant errors and provide an accurate and fair representation of the organization's financial position. As a result, they have a strong predictive ability to assess both current and future situations. It is important to express the quality of financial reports in a realistic manner. The company ensures that its reports are devoid of errors, forgery, fraud, and investigation. These reports are prepared with precision, realism, and without any exaggeration. They must adhere to consistent standards and controls, specifically the internationally recognized financial reporting standards. These standards are widely accepted as the agreed-upon model for accounting standards worldwide. The globe has observed significant advancements in the global economy, capital market globalization, and information technology, leading to high-quality outcomes such as the online display of financial reports. The magnitude of the disparities in these data across other nations underscores the importance of Comparable financial information.
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