IFRS Accounting Standards address this challenge by providing a high-quality, internationally recognised set of accounting standards that bring transparency, accountability and efficiency to financial markets around the world. Unpicking this complexity involved studying the minutiae of national accounting standards, because even a small difference in requirements could have a major impact on a company’s reported financial performance and financial position-for example, a company may recognise profits under one set of national accounting standards and losses under another. This patchwork of accounting requirements often added cost, complexity and ultimately risk both to companies preparing financial statements and investors and others using those financial statements to make economic decisions.Īpplying national accounting standards meant amounts reported in financial statements might be calculated on a different basis. In the past, such cross-border activities were complicated by different countries maintaining their own sets of national accounting standards.
Investors seek diversification and investment opportunities across the world, while companies raise capital, undertake transactions or have international operations and subsidiaries in multiple countries.
Modern economies rely on cross-border transactions and the free flow of international capital. More than a third of all financial transactions occur across borders, and that number is expected to grow. 2 ACCOUNTING to show something in a company’s accounts in a particular way In financial statements, the bonds should be accounted for as debt.Global accounting standards for global markets From Longman Business Dictionary account for something phrasal verb 1 to be a particular amount or part of something Own-label products now account for more than 20% of sales in some European supermarkets. A similar mechanism may perhaps account for the fact that some group-living animals drive sick or injured individuals out of the group.The company said it will write off $ 80 million in inventory to account for the expected lower selling prices.The high-handed way in which Washington dropped the idea on its Western partners accounts for some the hostile reaction it has received.
Higher education accounts for about 13 percent of general fund expenditures.The King claimed that all the funds acquired through the passport sales had been accounted for.This accounts for 90 percent of reported pollution incidents.In the whole of 1995, imports accounted for 58 % compared with 57 % in 1994.→ account → See Verb table Examples from the Corpus account for
3 REASON to give a satisfactory explanation of why something has happened or why you did something SYN explain Can you account for your movements on that night? 4 HERE to say where all the members of a group of people or things are, especially because you are worried that some of them may be lost Three days after the earthquake, more than 150 people had still to be accounted for. 2 REASON to be the reason why something happens SYN explain Recent pressure at work may account for his behavior. From Longman Dictionary of Contemporary English account for something phrasal verb 1 BE to form a particular amount or part of something Afro-Americans account for 12% of the US population.