As an accountant, is it mandatory to follow International Accounting Standards ?
It is not mandatory for all accountants. As it depends on the countries accounting principles and the nature of the organization. If the organization is situtated locally in one country it is require to follow only that country standards. But if it is a MNC (multi national company) then it might follow the international accounting standards. Because it has to follow norms and standards of various countries.
I can tell you right away that compliance with international standards is only necessary when concluding a certain type of agreement. Most of the work accepts the standards of the taxation country. We hired a special bookkeeping service for Singapore. This gave us a good start in unusual conditions. As you can see, with a well-established accounting process, even a foreign company has no problems with reporting and taxes. You can take note of this.
