do we have uniform standards for financial reporting all over the world?
We don’t have uniform accounting standards for doing financial reporting around the world. The number of countries on The Earth now is 228, however roughly 120 countries around the world have adopted the International Financial Reporting Standards (IFRS) for the Usage of domestic listed companies, although nearly 90 nations have accepted the International Financial Reporting Standards promomulgated by the IASB, who is an independetn accounting standard-setting body who is based in London. These 90 countries have given their conformity about the usage of audit reports for analyzing companies. Other countries, such as Canada, Korea, Mexico and Japan are currently in a transition period for adapting to the International Financial Reporting Standards (IFRS)
There is no uniform standards for financial reporting all over the world, but in view to make it uniform various steps have taken place by formation of the international bodies like IASB and many more who introduced IFRS (international financial reporting standards) but these are yet to be adopted by many countries.
Some countries have their own finanacial reporting standards in place which are way different from IFRS hence now some of the countries are making there standards in equal parlance with IFRS to make implementation of the IFRS in future. But it will take more time as it is not that easy to make such changes at once, it might disrupt the functioning of the organizations. Hence it has to take place step by step.
Hello Mr. Javed,
We don’t have uniform standard for financial reporting all over the world. mostly country who are the memer of IASB are trying to adopt a same format for reporting.
There is unique concept of double entry systems all over the world . There is no difference of rule of Debit and Credit . so if we see the balance sheet or profit and loss account of any company .,the information what is required is almost same.
so in short we can say if we try to accept a unique format /standard we can present in same all over the world.
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