The Australian Accounting Standards Accounting Essay
The AASB decided to adopt some standards that regulated financial reporting between companies. Australian accounting standards had to reach international heights and also conform to international practices. This led to the streamlining of annual accounting standards with those of the IASB, also known as A-IFRS. Shying says this could have an unintended consequence, where making it easier to read actually makes understanding the accounting standard more challenging. “A multimodal approach is a better solution: understandability, feasibility and readability. And be careful with the use of readability scores.” Conclusion. It is clear from the foregoing debate that international harmonization of accounting standards is crucial to stimulate the international capital market. The research found that accounting harmonization brings multi-dimensional benefits to both financial statement customers, e.g. investors,