This paper deals in identifying the research analyst for the country Australia which deals in proving the facts of IFRS

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This paper explains detail the meaning of the International Financial Reporting Standards (IFRS), its implementation factors and the components analysis. The paper also helps in differing with the base accounting standards of Australia. Further, the paper explains with the concept of the opinion’s analysis and thereby, providing an excellent explanation as to how it is useful for the financial statements and investors and how the same is not useful for the financial statements and investors.     

Definition of the IFRS

    IFRS is stated as the International Financial Reporting Standards, it was incorporated in the late year of 1999- 2000. In true sense the financial year 2000 is the main year in which the standards were incorporated and were put into action. These standards were issued by the IFRS Board which was primarily used to establish a universal base for accounting the books of records and dealing with the financial transactions occurring in the business (Camfferman, and Zeff, 2015). It helps in providing the common platform or the single base of dealing with transactions which differ due to the fact of global boundaries or country having various territorial concerns and issues. The main reason for the existence is to ensure that the accounts of the organization are not only easily understandable but also easily read and applied in one fashion for all the sectors. It is true sense formulates not only a larger scale of ambit but also defines the aspect with great minuteness. Hence, the IFRS as the name suggests covers things on an international background which provides the capterization of the multinationals. They deal in both the public company analysis and the private analysis, as a matter of fact, it covers all the structure and segmentation. In nutshell, these are rules and regulations which are governed by the bodies which are professional and details with the factor of the ensuring that proper rules and process are followed across the global world so that a substantial level of understanding is maintained among all the markers as well as the readers. On the more the investors and the owners, the government, all the external parties as well as the additional force which is related to the financial statements. Thus, the (IFRS) international financial reporting standards is a bible and the preamble which unites the whole geographical world under one roof and under a common recognition of representing and viewing the books of records.

The current implementation of IFRS in Australia

    The IFRS Implementation in the country is long back from a decade old as it was first established in the year 2005. Having one single aim in the whole functioning which is the fact that the Transparency is maintained and visited, the accountability is viewed and reviewed on regular intervals, as a matter of fact, the efficiency parameters also well-defined and reported incorrect sense. The IFRS in Australia covers various aspects and process which deals with not only companies and organization but also with the governmental bodies and the non-profit oriented organizations. It includes not only small scale and a medium scale enterprise but also the small-scale enterprises. 

In the sector of the IFRS implementation and its adaptation is an ongoing as well as the regular process which deals with the fact that the Australian work culture is not only adopted but also the amended and defined in the universal platform. Looking at the recent advancements and the implementation factor has been done on vast ambit which deals with the factor of specific accounting standards and many various accounting pronouncements.

    The specific dealing the recent amendments the AASB 9 which deals with the financial instruments where this standard deals with the collaborating the IFRS various factors of classifications. Another aspect is that it deals with ensuring that the impairment is done as the IFRS parameters also the Hedging accounting concept is also collaborated and formulated as per the IFRS rules and regulations. 

    The Other amendment deals with the AASB 15 which is the revenue for the contracts it also has seen a recent change in the market of the Australian country especially in terms with the industry-specific publications. The IFRS has made developments interns with concepts of the Classification and Measurement of Share-based Payment Transactions. On the more a recent advancement on the matter fact of the alert accounting in respect with the financial instruments as well as the revenue contracts. Further, this year the company also has seen changes in context to the Transfers of Investments Property, Annual Improvements 2014-2016 Cycle and Other Amendments. IFRS has tried to bridge the gap of working in collaboration with the clarification’s insurance contracts and the relief parameters and the entity applications. On the more, the company is dealing with the factor which aims at the Foreign Currency Transactions and Advances Consideration. Another major improvement and the noticeable changes have been made by the leases accounting format of the organisation, as a matter of fact, it moved a step further, to ensure that the reporting of the leasing is done as per industry specific parameters rather than a two simple biofortification on the industry-specific ambit and perspectives. The other aspect is that the income of the organization for the non-profit entities in terms specifically dealing with the public sector. The other prospects will be the service concession and the various grantors of in context with the fair value measurement and the plant and the equipment analysis which proves to be factor oriented and the developments under various parameters of the negative as well as the interest in connection within the joint ventures. 

Thus, the Australian accounting bodies are on every changing mode to ensure that the IFRS is done correctly and for the betterment of rules and regulation as a whole.                              Is IFRS better or worse for financial statement analysis

There is no two way of addressing the statements facts, in all true since the IFRS is the better for the financial statement analysis. On a larger scale as the name suggest the IFRS are incorporated to ensure that the financials are made correctly, in an authentic manner. On the more, the compliances are done correctly and a mathematical and a systematical manner. Further, the financial statements real reason is to ensure that the books of accounts are recorded and made with at most accuracy. As the matter of fact, the financial statements represented the real motive of the company that’s is the money management and flow of money analysis. This form of rules and regulation not only defines the statement analysis but also guides the individual to produce an appropriate pathway to utilize such monetary flow so that better returns can be built. The other benefit in respective with standards is that it provides an easy way of writing the transactions of a global platform. As the fashion of Multinational Companies has flooded, company group financials are a difficult and challenging task. However, with the help of such statements, it becomes far easier to represent the fairness of the books of accounts. Further, the soul of financial statements has shifted from mere recording the transactions of such facts being that the money level is maintained. The Flow of fairness and the with the burden of responsibility. The financial statements carry the segments of global recording and the composite financials statements of producing perfect books of accounts. And therefore, considered to be a most understandable and the unwanted client and the beneficiary to understated as the financial statement ensures that the one single phase of understanding the books are maintained and followed without any hazel and a fair movement of reworking. Thus, in the true sense, it can be considered and the bible as well as a blueprint, as it is compulsory for the individuals to follow these principles in order to make the financials of the business. 

Is IFRS better or worse for Investors


    International Financial Regulation standards are a guideline which helps in analyzing various statements which are made and formulated by the business organization. Investors, on the other hand, are third-party persons which have enough saving and thereby have the ability to invest in another organization due to various allied reasons which can be expressed and stated. As a matter of fact, such investment can be controlled, guided and checked by such people by analyzing the annual reports and the other momentary documents. The easiest way to analyze such documents is to check and compare whether they are made and express as per the guidance note. If they are made as per the given rule, it is considered to be fair and lustful, thereby producing true and fair books of accounts (Picker, Clark, Dunn, Kolitz, Livne, Loftus, and Van Der Tas, 2016). It also defines the insolvency factor as to whether the company is solvent in nature, and good to go on its terms. The investors on behalf of such analysis agree or disagree to pay for such an organization. The IFRS is a tool which indirectly helps in achieving what the investors want. The other aspect is that many times the investor which are the individuals are an invoice in terms with reporting and the financial transactions they do not know how to act and react for such analysis. Thus, in such case where a simple statement that the books remade as per the accounting standards and reporting standards are enough for the layman to build trust in the organization and its financial health. None the less, such statement is a problem for a person who is not from a financial background and seeks supports on account of annual reports expressed by the organization and floated in the public to review. In nutshell, IFRS indirectly supports the individuals and the working of the prospects for the investors to fully trust in respect to the fact as to where the money needs to be invested and how quickly the same needs to be distributed.   

Main components of the IFRS and how it is different from Australian and other standards

  The framework is defined under various parameters which can be stated as on a bigger scale as follows status in eight major points which can be expressed as follows: - 

General Purpose of the Reporting the financial status, Qualitative characteristics in form of information of the financial factors. The other aspect is considered as the entity for reporting parameters and the statements for the financial aspect. Elements is also a crucial aspect for the other aspect is the measurement level and the concept of the recognition and derecognition is also expressed and statues are also provided (Morris,2017). The other factor is that the measurement and the disclosure, as well as the presentation, is also equally important for the standards and its representation. In a comparison of the same with the Australian standards board as well as the other existing standards it holds approximately the same level of understanding except for few aspects which are stated as below: - 

          It also includes the amendments section and the Australian framework and its convivence on the amendments on various factors of the Australian changes and also includes parameters on the standard setting and also deals with understanding the financial reporting purpose and the submission of conceptual description and analysis.

Different opinions on IFRS in Australia

    IFRS implementation is an ever growing and a building process which ensures that everything is maintained on a global standard. However, sometimes it becomes difficult to justify the same as each country carries some unique through which it performs business actions and is different from the other. Thereby, to draft the same in global principles may lead to incorrect of bad results. Therefore, at times there is a possibility that the individual may or may not like to draft their annual reports as per IFRS as they may not show the correct value and representation of the books. Thus, such experts of the country carry a negative opinion about the books of account and wish that all the reporting is made as per the Australian Accounting Board Standards. 

    The other opinion in terms with such factor is positive in nature and is accepted with an open arm. The individual, organizations, accountants, experts and the investors believe that the best way to handle the financial reporting and the various other possibilities is to ensure that the accounts are maintained and formulated as per the international process so that the company meets and criteria and fits into global recognition parameters (Spiceland, THOMAS, Nelson, TAN, Low, and LOW, 2018). On the more, a positive response creates a much healthier and a welcoming environment which eases the battle between the acceptance and the non-acceptance. 

    The third opinion is to maintain the records on a mixed proportion, which is the fact that the individuals must understand the basis and the measurement level as to what must be performed and accepted as per the global standards and which factors can be excluded from such confusions. Thus, all in all, they maintain the process of a universal process of ensuring that the balance is maintained between both the aspects which are the home ground levels and the international standards. The issue sometimes arises with the level which has to map with this concept which is to maintain the level as too many needs to be followed with respect to international standards and the other with the domestic rule. The confusion leads to the balance factors which defines the degree level as to how much should be level of dependence on each of the grounds. Thus, in Australia or in the other country majorly these three opinions are bifurcated so that to justify how the international reporting standards are maintained in the company accounts.                  

Conclusion: Is IFRS better or worse for financial statement analysis and for investors

 Thus, after reviewing each aspect of this paper it is very evident and clear that the reporting standards are the great source of justifiers in context to the financial statements. As a matter of fact, these are such experts which are not hired by an individual to give advice on parameters related to reporting, however they justify to do so that it helps the outcome and results are accordingly defined by the investors and the business transactions of all the monetary gain are correctly and fairly written by the financial statements in the books of accounts. The paper also describes how the Australian standards are bound by IFRS and how they differ with each other. It details the similarities, the differences and even the new implementation which are streamlined by the international reporting standards in order to make the books of accounts global and universally expected. Hence, the IFRS in Australia acts as a setting stone for the organization in maintaining the books of account and accordingly supporting them to ensure that they are inbuilt for the betterment of the economy as well as the capital holders so that the money is saved and grown in a healthier manner.            

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