IFRS: A Solution for Variations of Accounting Standards

Abstract

Accounting, as a language of business, has a historical connection with the dynamic economic growth and development and its principles, rules and procedures change over time in parallel with the changes in business activities accordingly. This paper deliberates an overview of the historical development of accounting standards and the necessity for having a single accounting standard across the globe through reviewing previous literatures and it totally deals with the theoretical concepts of Accounting Standards to provide an insight to professionals and practitioners in countries that is moving toward adapting or adopting IFRS for the first timeto enhance their understanding of accounting standards and give an overview of their historical launch along with the progress made toward converging into a single international accounting Standard - IFRS.