Ican 2022 Corporate Reporting Question 6

International Financial Reporting Standards - IFRS(s) are sets of accounting standards and it is unrealistic to assume that these standards could not replace those based around rules. However, where rule based system has been in operation, there is likely to be an expansion of ethical challenges for both accountants and auditors that are involved with the financial statements if principles based approach was adopted. Therefore, regulatory authorities need to ensure ethical practices in order to achieve high quality financial statements. This is drawing attention to the need for closer or greater monitoring. Apart from this fact, corporate financial reporting regulations have been in operation before the advent of IFRS(s).