Development and Classification in Qatar and GCC
International Financial Reporting Standards are used by different countries to make their business understand and compare their accounts with others who are not in their region. They developed because of increased participation in international business and trade among different countries. Such standards are essential because they make the work of accounting easier when companies in one country are dealing with others outside their territory. The standards are currently replacing different nation’s accounting procedures because of the desire to have one accepted accounting standard. The IFRS provides rules that should be used by accountants when preparing their books of accounts. The rules are reliable, comparable, understandable and relevant in accordance to the users’ external and internal environments (Callahan 59).
There are different factors that affect the development and classification of accounting around the globe. The practices and procedures of accounting are always as a result of different factors which might include economic, institutional and environmental factors within a nation. Such factors often require changes and this only applies after the development of accounting standards, theory and principles. When the results of one accounting system are adopted by other nations the ideas of accounting development emerge. This clearly means that the development of accounting h…
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