because the analysis and assessments about each transactions differ. Hence, this sometimes becomes very difficult to interpret because the methods of analysis are different which makes comparison, analysis and assessment quite difficult among different countries (Baker, 2008)
They would also have a limited borrowing line and it would generally cost them more if they want to engage in any work internationally. Hence, most of the countries end up adopting the standards in order to ease things down for themselves (Ball, 2009)
e. find options and particular implications and reach a decision according to which an alternative should be preferred (Bolt-Lee and Smith, 2009)
Data Collection Methods According to Bouma (2003), what the qualitative research does is, it helps the researcher figure out and understand the thoughts, beliefs, norms and principles found in a social setting as well as characteristics of social setting, Bouma (2003) further says that the qualitative research has the advantage that it provides the researcher with the option of analyzing the data while collecting it and he/she could even make changes in it during the whole research process. Also, the researcher gets a chance to know the reasons for the way the sample/respondents react to the research as he/she is in contact with them closely and in this way the researcher can pay more attention and further analyze the issues that he/she didn't notice before (Bouma, 2000)
20 group also went on to suggest that the International Accounting Standards Board (IASB) should pay more attention towards the move to regulate the global turn towards single sets of accounting techniques which meet high standards by bringing together and learning from the exposure gained by the other countries who have already used this process and are able to extend some form of technical help and assistance. Another suggestion that they made was about the attempts to make these standards a bit easier and less complex so that the tools can make the presentations better off and make it easier for the statements to be analyzed and assessed and attain a clear view and evaluation of the financial tools (Catty, 2010)
The standards for the reports however form a basis for the investors and stakeholders to build a sense of trust in the analysis of these reports which therefore play a significant role in the contribution to development of the nation as a whole. It is also obvious that the globally acceptable standards therefore play an important part in the whole procedure (Epstein, 2009)
The new cash flow should be discounted using the interest rate that existed when the original contract was signed or agreed, as stated in the IAS 39. The interest rate that existed when original loan was signed or agreed should be considered in order to determine the interest forgone, as the loss will usually be calculated in association to the interest forgone (Fitzpatrick and Frank, 2009)
A lot of subjective opinions of the management team are required for the IFRS to work and produce reports that are acceptable. The shift towards IFRS can be taken as a part of project management and necessitates the contribution of both internal, as well as external professionals such as tax, treasury, valuators, advisers and contracted resources (Haverty, 2006)
On the other hand, there is still a lot of time before the actual implementation takes place. This time can be utilized to develop education plans so that the problem of financial literacy does not become a major hurdle (Hung and Subramanyam, 2007)
It can still be questioned however whether those who set these standards considered and revised all the issues that may arise in accordance with the newly formed markets and whether all the key points apply to them or not (Ball, 2009). Lack of Involvement by Developing Economies The developed markets, which consist of those who have the money or those that can operate as financial centers that collect the money, govern the international standard setting bodies as indicated by the researchers (Jones, 2010)
The second best option for a country is to adopt IFRS but specifying few carve-outs which would better represent the countries environment. However, these specificities could be subject to debate and discussion by authorities setting standards (Langmead and Sorrosh, 2010)
The second best option for a country is to adopt IFRS but specifying few carve-outs which would better represent the countries environment. However, these specificities could be subject to debate and discussion by authorities setting standards (Langmead and Sorrosh, 2010)
The main aim that they enter the market with is usually that of speeding up the industrialization process in order to make up and mould their financial institutions. To make this possible, it is essential for them to acquire funds from external sources whereby they can pool in investments to build up on the infrastructure facilities and establish a well networked system of manufacturing and producing according to what their capacity allows them (Major and Marques, 2009)
As for the firms that are outside capital market, they will have to follow local standard. In case of Thailand, this is necessary because, set standards are treated as law and violation results in criminal punishment (Pounder, 2011)
(2003) says about the qualitative research is that, it helps and allows the researcher to find and understand what the judgements, outlooks and preferences of a sample are based upon. Also, in their opinion with the help of this approach the researcher gets the freedom to imagine different factors having informal links among them (Saunders et al
Numerous channels are identified as a source for pro-cyclical amplification, like consumers, firms, and financial institutions witnessed leverage; margining prices; accounting standards that were developed for held-to maturity loans and mark-to-market assets. In addition to this, other destabilizing elements were the ignorance of exposures related to derivatives, and other on- and off-balance sheet risks (Sunder, 2009)
Our third example is related to goodwill. The study clearly mentions that, according to revised IFRS 3, Business Combinations, treatment of goodwill is changed, that is, it is to be tested annually for impairment as guided by IAS 36, Impairment of Assets, rather than going through amortisation (Taylor, 2009)
It is very expensive and time consuming when organizations convert to a single standard during group reporting. Moreover, as there will be no friction in capital inflows and investor's confidence would increase in global accounting standards, cost of generating foreign capital will decrease while investment will increase (Tribunella, 2009)
The change in interest rate has led to complete reshaping of financial sector where by standardization has become a challenge. The net present value calculation in case of restructured loan and the value of interest rate to be used in calculation is still a burning question (Whittington, 2008)
, 2003). According to Yin (1994) the qualitative approach towards a research is of great importance as the quantitative research approach can't explain the overall inclinations, decisions and approaches that are made by the institutions especially in the new social settings, hence, the qualitative approach can help the researcher to understand these things in a better way (Yin, 1994)