Nonstandard Accounting common to the High-Tech Industry Essay

Nonstandard account common to the High-Tech patience - Essay ExampleThe main idea behind the convergence concept was that, all nations would come unitedly and form a unified mark off of accounting standards that would be applied in major seat of government markets. Additionally, the IFRS also wanted to ensure that the standards are adequately and rigorously used. More over the international standards theorise by international accounting standards took into account the financial reporting needs of the developing nations as headspring as small and medium-sized entities (SMEs).The IFRS is also in charge of maintaining the IASB independence and financial autonomy. By 1973 the international Accounting standards Committee was formed and it served as the first international accounting standards setting body. In 2002, it was however reorganize and became an independent accounting standard setter.Currently, more than 100 countries use the International Financial Reporting standards (t hat is set and issued by IASB) or a local direct of the IFRS. In the United States, the IASB have been developing broadly speaking Accepted Accounting principles (GAAP) as healthful as IFRS. Additionally the Asian community (China and Japan) are also formulating their accounting standards to conform to the IFRS (Michael, 77). The IFRS dictates that financial statements must be structured in such a path that they reflect the true and fair view of the nerves financial performance as well as the fair financial position. In this regard the financial statements must provide accurate selective information about the assets, equity, liabilities, incomes and expenditures of a given organization as well as the operating profits or loses.Additionally, to other relevant information include cash flow movement, contribution by/distributions to investors, notes. Such information enables a prospective investor to predict with great accuracy on when to invest profitably in the organization base d on the prediction of future cash flows. IFRS dictates that financial