On 10/8/07, jaishiv singh <jaishiv_singh@yahoo.com > wrote:
hi can all the people in this help me......you just have to answer the following questions..... 1. Do you think harmonization of accounting standards is good for everyone(people, entities, the country and the globle community)? yes or no? pliz explain.
Yes, Harmonization of IAS is good for the concerned users of the financial statements as we must see and prepare in sense of our global users. More and more foreginers are investing in local market, harmonization just make it eaiser for potential investors anywhere in the world for comparability of financial statements.
2. Should we all just accept IAS as it is, or is there a need to adjust and redefine some on the statndards and/or components of various tandards? yes or no?pliz explain.
We should accept all IAS as before the finalization of any IASs, comments are invited from all the stakeholders for long duration, if one on pinpoints any impracticality, then what can ASB do? but IASs are amended keeping in view the practical difficulties, they are no hard and fast rules but can be changed based on your recommendations.
3. what do u as an individual think is the benefits and problems with harmonization?
Problems only arise if your local regulatory requirements is differing from the requirements of IFRSs, then we may prepare seperate sets of financial statements but most of the time, this is not practical as this involves time, effort and costs. So, we will consider the true and fair view of the presentation. Also, we must force local regulatory bodies to adopt IFRSs in full spirit.
I believe local regulatory bodies should closely work together with international standard setters.
4. should just the IASB be deciding what standards do we need? yes or no? pliz explain.
Yes, there should be a uniform body which will results in lesser conflicts as 2 or more bodies can erode the very purpose of IAS.
Also please try to correct english when you can. All are professionals , dont write PLIZ when you can simply write PLEASE.
Thanks.
pliz pliz pliz just take 5 minutes of your time and answer this. just email me what you think(answers). there are 3386 members and if all of you reply i would be really greatful. regards,jaishiv jesh singh
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