THE ROLE OF AN ACCOUNTANT IN THE IMPLEMENTATION OF IFRS
THE ROLE OF AN ACCOUNTANT IN THE IMPLEMENTATION OF IFRS
It is often said that an organization without an accountant is not a serious organization as it has no credibility. This is because the accountant is seen as the financial “gatekeeper” whose presence within an establishment underlines a commitment to sound financial principles and good business values.
It is known that almost all aspect of human activities have undergone changes globally as a result of improvements in hi-tech Information and Communication Technology. Similarly, there is need for accountants to take a critical look into the present practice of the accounting profession with a view to fastening out appropriate strategies for meeting up with future challenges; one of such change is the introduction and implementation of the International Financial Reporting Standards (IFRS).
International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.
Financial statements are a structured representation of the financial position and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of the management's stewardship of the resources entrusted to it.
To meet this objective, financial statements provide information about an
It is often said that an organization without an accountant is not a serious organization as it has no credibility. This is because the accountant is seen as the financial “gatekeeper” whose presence within an establishment underlines a commitment to sound financial principles and good business values.
It is known that almost all aspect of human activities have undergone changes globally as a result of improvements in hi-tech Information and Communication Technology. Similarly, there is need for accountants to take a critical look into the present practice of the accounting profession with a view to fastening out appropriate strategies for meeting up with future challenges; one of such change is the introduction and implementation of the International Financial Reporting Standards (IFRS).
International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.
Financial statements are a structured representation of the financial position and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of the management's stewardship of the resources entrusted to it.
To meet this objective, financial statements provide information about an