Running head: CONSOLIDATION AND SPECIAL ISSUEConsolidation and Special IssueStudents NameInstitutionDate1CONSOLIDATION AND SPECIAL ISSUE2Part oneOverview of International Financial Reporting Standards (IFRS)International financial reporting standards is a term in accounting that is used to set themost common rules that any financial statement can use for transparency and can be comparedaround the world. The IASB always releases it. IFRS is designed to be used by profit-makingentities. Therefore, claiming compliance with IFRS agrees with all the standards andrequirements that IFRS requires.The overall requirement of IFRS is making sure that the financial statements have a fairpresentation and make use of a conceptual framework when developing a new or a revised IFRSand its interpretation or making amendments to the existing IFRS rules (Sedki, Posada & Pruske,018).The primary purpose of financial reporting is the provision of financial information.Therefore, it is essential that any financial entity to implement it since it is useful to the existingand potential investors that contribute to making decisions to the body.Concerns of KPMG as they Move from U.S. GAAP to IFRSGAAP has no exemptions on financial preparations compared to IFRS. GAAP preventsthe investment company from preparing detailed financial reports if a company has severalsubsidiaries. The financial statement of GAAP includes the position of finance report, acomprehensive income ...
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