Chapter 27

Global Financial Reporting

Global fund raising and the consequent need for more transparency and stringency in the financial reporting to match the requirements of a much wider, diverse and demanding global audience have created the need for global financial reporting and drafting a globally accepted accounting standards code.


This chapter seeks to enable you to develop knowledge and understanding of:

  1. The background for global harmonisation of accounting standards.

  2. Objectives purported to be served by the accounting standards in the global context.

  3. The efforts of the IASB and ICAI towards global harmonization. ...

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