current trends in the reporting environment

More and more companies today are doing business on an international scale, creating a need for accountants, executives, and organizations in different countries to reach agreement on accounting rules and standards. The accounting profession has responded by establishing international accounting and financial reporting standards, and substantial progress has been made toward international acceptance of these standards.
The effort to achieve a single set of global accounting standards has gained significant momentum during the past three years. The logic behind the development of a single set of high-quality global accounting standards for the world’s integrating capital markets has been evident for some time. The collapse of Enron and other corporate failures in the United States and elsewhere have led to the reevaluation of existing national and international accounting practices and has served as a catalyst for work being undertaken at the International Accounting Standards Board (IASB) in conjunction with national standard setters throughout the world.

why IAS?

The world of accounting and finance has been going through monumental changes in recent years. At the international level, there have been intense efforts to establish credible and transparent methods for measuring and communicating business financial results. Key factors contributing to increased scrutiny on accounting are the high profile financial frauds and scandals that received so much media attention. Another key factor is that the increasing complexities of business in today’s high-tech, global economy require new accounting approaches.

International Accounting Standards

International Accounting Standards (IASs) now a days known as International Financial Reporting Standards (IFRSs).