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JOURNAL OF LEADERSHIP, ACCOUNTABILITY AND ETHICS
Analyzing Financial Statements under IFRS – Opportunities & Challenges
Author(s): Agatha E. Jeffers, Sidney Askew
Citation: Agatha E. Jeffers, Sidney Askew, (2010) "Analyzing Financial Statements under IFRS – Opportunities & Challenges," Journal of Leadership, Accountability and Ethics, Vol. 8, Iss. 1, pp. 45 - 56
Article Type: Research paper
Publisher: North American Business Press
Abstract:
The FASB and the IASB have been working fervently to obtain a single set of quality global financial reporting standards. With this momentum, the road is now practically clear towards convergence. Despite its speed, convergence will raise a host of accounting issues for many parties who use financial statements to assess liquidity, solvency, market capitalization and profitability. We examine challenges emanating from convergence to the mandatory switch from the LIFO method. Further, we examine the impact of convergence on the analysis of financial statements, highlight challenges that will arise and make suggestions for users and preparers to understand and work with one set of global standards.
