Finance and Accounting

With the advent of globalization in the business world, the number of
companies has grown significantly. Stock markets have witnessed an increase
in volumes of trade. The number of investors has also gone up significantly.
There is a scope for further increase in the stock market activities, but for
some obstacles. It can be stated that stock market volumes can increase
further if the investors understand the financial statements prepared by
companies across the globe. For stock markets to grow and increase volumes
of trade, the financial statements prepared by companies need to show the
following important points.

1. Comparability

2. Transparency

3. Clarity

4. Consistency A

5. Judgment

In the light of the above statement, you are required to:

I. Discuss the importance of a single set of international Accounting Standards in
promoting business across the globe.

ll. Identify the major international Accounting bodies / organizations involved in
the establishing and issuing international accounting standards and discuss the
role played by them.

Ill. List the various International Accounting Standards issued IASB.

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