INTERNATIONAL STANDARDS OF FINANCIAL REPORTING

Authors

  • Kuvatova Dinara Anvarovna Senior lecturer of the "Accounting" department of the Tashkent Institute of Finance

Keywords:

Language, Translation, International Financial Reporting, Standards Financial decision-making

Abstract

Finance professionals are dependent on accounting information provided in annual reports. Companies located in over 144 countries base the preparation of their annual reports on International Financial Reporting Standards (IFRS). This widespread adoption of IFRS has been supported by the assertion that it is an important means of enhancing comparability of financial statements across countries. IFRS are developed in English and translated into 48 languages. Importantly, it is mainly assumed that all translated IFRS convey the same consistent information and that comparability of financial information is not compromised when different languages are used. However, we show in this short communication that differences exist between the IFRS language versions. Our discussion on relevant linguistic effects on the interpretation and application of IFRS helps future research to systematically analyze why equally qualified professionals exercise their professional judgments differently

References

IFRS Foundation, 2017. IFRS Translations. Retrieved from: https://www.ifrs.org/issued-standards/ifrs-translations/#other-available-translations (Accessed 26 June 2020).

IFRS Foundation, 2018b. European Union. Retrieved from: https://www.ifrs.org/use-around-the-world/use-of-ifrs-standards-jurisdiction/europeanunion/#translation (Accessed 26 June 2020).

IFRS Foundation, 2018a. Use of IFRS standards around the world 2018. Retrieved from: https://cdn.ifrs.org/-/media/feature/around-the-world/adoption/useof- ifrs-around-the-world-overview-sept-2018.pdf. (Accessed 26 June 2020).

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Published

2023-02-22

How to Cite

Kuvatova Dinara Anvarovna. (2023). INTERNATIONAL STANDARDS OF FINANCIAL REPORTING. World Economics and Finance Bulletin, 19, 221-223. Retrieved from https://scholarexpress.net/index.php/wefb/article/view/2261

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Section

Articles