IFRS - Comparative of UK and French systems

Level: Undergraduate | Grade: 2.2 | Approx. Word Count: 1,130

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Overview

The IFRS allows the option for national regulators to place their own interpretation on the accounting and reporting standards, which leads to a difference in implementation. The aim of this study is to assess the impact of this differential on four key areas by comparing the UK and French regulatory systems. 

The principle objective of the introduction of the international financial reporting standards was to create greater transparency and comparability between financial statements prepared for corporations domiciled in diverse global geographical locations (Nobes and Parker 2008). Yet despite this aim, due partly to the corporate and regulatory differences that exists between national environments means that total harmonisation has still not been achieved.