IFRS Assignment Help | Assignment Help Experts Benefits of Adopting IFRS IFRS stands for International Financial Reporting Standard and is common global standard for presenting company accounts throughout the world. Today, the standard has been adopted in most of the countries of world, but UK is the first country to adopt IFRS system for its accounting functions (IFRS, 2012). There are wide number of benefits available for companies through adopting IFRS. The companies in UK have been benefited with internal consistency in regard to making financial reports. As a result of this internal consistency, the cost has been reduced to a great level as reports are made in uniformly. At the same time, adopting IFRS has provided companies with improved access to global market. As it has increased the reliability of financial accounts of the companies in UK, the companies are able to make global access. Apart from this, as IFRS is used in most of the countries, the companies in UK do not have to report in multiple standards for any foreign move. This would not only save the time, but also money for the company in preparing various accounting reports. But, the adoption of IFRS would require huge cost to invest for the companies (Walton, 2011). This may further affect the companies in UK as they have to bear additional cost over implementing IFRS system. At the same time our assignment help experts says that, IFRS has also helped to increase the investor’s confidence over companies in UK. Companies would face no problem in raising money from any part of the world. Additionally our assignment help experts says that, the adaptation of IFRS has also made companies to prepare dual accounts, who want to invest in USA. Since, USA has not adopted the system, organizations of UK have to prepare two financial reports one by using IFRS and another by using GAAP. Apart from this, UK companies are also benefited from more flexibility that provides easy reading of their financial statements. It also encourages manipulation through allowing companies to prepare financial statement to show the desired results that may affect the creditability of UK firms (Coetsee, Colyvas, Hanekom & Mackenzie, 2012). This would further cause manipulation of revenue and profit that may have negative image of the company. Organizations are also benefited from better foreign management through using IFRS. It also strengthens the position of companies in UK during negotiation with credit institution through reducing cost of borrowing. With all such benefits, IFRS has been used and vastly adopted by companies in UK. References Coetsee, D., Colyvas, B., Hanekom, B. & Mackenzie, B. (2012). Wiley IFRS 2012: Interpretation and Application of International Financial Reporting Standards. USA: John Wiley & Sons. IFRS. (2012). Retrieved from http://www.ifrs.com/index.html Walton, P. (2011). An Executive Guide to IFRS: Content, Costs and Benefits to Business. USA: John Wiley & Sons.   Get IFRS Assignment Help with Assignment Help Experts .Com You will get 100% original and quality assignment help of all subjects. Contact us for IFRS case study assignment help at USA/Canada Toll Free Phone: 001-877-839-9989 Australia Phone Number: +61-3-9088-1335 E-mail: info@www.assignmenthelpexperts.com