FAR-MAZIAH BINTI MOKHTAR - SEMINAR IN ISLAMIC...

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SEMINAR IN ISLAMIC ACCOUNTING & REPORTING FAR730 Individual Assignment 1 SEMINAR IN ISLAMIC ACCOUNTING & REPORTING FAR730 Individual Assignment 1 Prepared for: Dr. Zuraeda Binti Ibrahim Prepared for: Dr. Zuraeda Binti Ibrahim Prepared by: Maziah Binti Mokhtar 2014508973
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(a) Discuss FOUR (4) rationales of Harmonization of Accounting Standards in order to maintain the high quality of international accounting standards. (i) To provide useful and comparable information across international borders. Can eliminate the current misunderstandings about the reliability of foreign financial statements. With the absence of harmonization in accounting standards the additional cost of financial reporting. difficulties that multinational groups faces in the manner in which they undertake transactions becomes critical. When a multinational company has to report under the standards of both of the countries it might lead to some extremely odd results.
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Discuss FOUR (4) rationales of Harmonization of Accounting Standards in order to maintain the high quality of international accounting standards. (ii)Easy in making relative evaluation of performance of companies. Regulators and auditors will be receiving the same information, facilitating the evaluation process. Investors and managers will be able to make more valuable decisions. By adoption of different accounting standards causes difficulties in making relative evaluation of performance of companies. This phenomenon hinders the valuation and consequently the decision making process bad accounting practices leading to corporate failures
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Discuss FOUR (4) rationales of Harmonization of Accounting Standards in order to maintain the high quality of international accounting standards. (iii)Beneficial to those countries which still do not have adequate codified standards of accounting to international accountancy firms with clients of firms which have at least one foreign subsidiary.
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