“Discuss the premise that a single framework of financial reporting standards is essential in modern commerce and particularly for the international entities reporting in more than one jurisdiction. FM320 Assignment – 3rd Year Undergraduate, Accounting. Mark: 64%”

This report will discuss whether the idea that a single framework of reporting standards is needed and whether this is especially true for companies reporting in more than one jurisdiction. The influences and development of both national and international standards with be discussed along with the role that the standard setter’s play, with particular reference to the International Accounting Standards Board (IASB) and it’s programme aiming towards international convergence. Arguments will be put forth as to whether there should be a single set of international financial reporting standards and if so, whether it should take a principle or rules based approach. Finally, after critically evaluating the data provided a conclusion will be made as to whether this premise is essential or not.

Stolowy & Lebas (2002) describe accounting as being the language of business that reflects a cert…(short extract)