Extra training for local staff is not needed if everything is already

Extra training for local staff is not needed if

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regionally. Extra training for local staff is not needed, if everything is already conforming to internationally accepted standards and those who understand and implement these accounting standards would in terms of career, almost immediately attain international marketability (Accountants Today, 2012). Based on the literature above, the prior research supports the view that the adoption of IFRS is beneficial. Page 10
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Accounting Theory 6.0 You Opinion – was the good or bad In my opinion, MAS 'transition to MFRS is good, it can update the FRS Standards to address these challenges by providing high-quality, internationally recognized accounting standards that bring transparency, accountability and efficiency to financial markets worldwide. IFRS standards bring transparency by improving the accuracy and quality of international financial information, enabling investors and other market participants to make informed economic decisions. IFRS standards strengthen accountability by reducing the information gap between capital providers and the people with whom they have trusted their money. Our standards provide the information needed to hold account management. As a global source of comparable information, IFRS Standards are also very important for regulators worldwide. And IFRS standards contribute to economic efficiency by helping investors identify opportunities and risks worldwide, thereby increasing capital allocation. For businesses, the use of a single accounting language is believed to reduce capital costs and reduce international reporting costs 7.0 Conclusion There has been a brief explanation of accounting theories and relations to their influences on accounting practice as well as the primary reason for much contradiction towards these theories. This has giving an understanding of the process of entity theory, looking briefly at the history of entity theory, a comparison of proprietary theory in relation to entity theory and its influences on accounting practice. Even though entity theory was introduced as a method of incorporating large corporations, where the owner was a separate legal entity from the business, and therefore there was a need in new accounting techniques which recognised the relationship between the entity and its shareholder. Criticism of the theory, mainly focus on the lack realism of the relationship in practice, rather than aspects of the theory itself. Even though the theory hasn’t been widely accepted yet it has influenced the financial statements of limited liability companies and their disclosure of information. Page 11
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Accounting Theory 8.0 References Article title: Welcome to MASB Website title: Masb.org.my URL: Website title: Ajbasweb.com URL: Article title: Accounting Theory – Accounting Issues Website title: Accounting Issues URL: Page 12
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  • Fall '19
  • International Financial Reporting Standards, MASB

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