Discussion into the impact of adoption of International Accounting Standards to the UK

Accounting with Finance (Hons) Advanced Financial Accounting Coursework 'Discuss the impact of the adoption of international accounting standards in the UK' Most companies in today's world have to prepare some form of detailed record of its activities during the year. There are several users who require such detailed information, and therefore companies produce yearly accounts, showing items such as incomes, cash flows, and asset measurement. These users usually have a vested interest in that company; …

…of harmonisation over the period 1973 to 1979 and concluded 'the period of IASC's existence has coincided with a growing harmonisation of accounting standards', admittedly this was an earlier research. However preparation to adopt IAS is now underway in the EU at least. Sir David Tweedie, chairman of the IASB, recommends preparing for the adoption of IAS now, several companies have to change their systems, as well as prepare figures to show relationships between previous financial reports.