Hi guys,
How is your day going?
We previously examined the basic idea behind accounting standards. So we shall continue with the arguments for and against.
FOR:
The major argument is harmonization and uniformity in financial reporting. All financial statements reported using the IAS and IFRS would be stated in the same manner, format and content regardless of country or continent. As a result, these different financial statements can be easily compared against themselves, to monitor performance and trends. Just like in the previous scenario, we can easily determine the start and finish points of the 100, 200 and 400m tracks and further determine who comes first, second and third on the races, since there is a standard metric rule.
