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What are financial reporting standards?

Hi i need some help.... i have to do a project and here below is the topic: Imagine you are about to begin your literature review for a research project entitled ‘International financial reporting standards and their relevance to multinational enterprises’ •What are financial reporting standards? •What are the characteristics of multinational companies?

Public Comments

1. International financial reporting standards are those standards promulgated by the standard setters. In Europe and much of the rest of the world, that would be the IASB, and their standards are known as International Financial Reporting Standards (IFRS). In America, the standards setter would be the FASB. The links are below. Multinationals have subsidiaries all over the world, so financial reporting is especially challenging to them as accounting standards may vary from country to country, that's why it's important to have every country use the same set of standards, which is what the world is aiming for. The IASB and the FASB have a convergence project going on now.