Short Answer Question

In an internet article for, (, the authors state that the:
“Adoption of the IFRS in many countries has various advantages. It will lead
to economic stability in different countries due to the increased foreign investment
and division of labor. There will be decreased transaction costs such as training,
accountancy, and audit fees for foreign investors. IFRS greatly reduces earnings
manipulation as it increases the transparency of financial statements. There are
mandatory disclosures in the off-balance sheet items that make it hard for the
company accountants to manipulate the profit and asset figures. It also decreases
the costs of equity. The investors are able to understand the accounting data of
investments clearer reducing the perceived risks of the project. They are more willing
to accept lower returns.
Finally, the IFRS encourages fair value accounting which shows the investors
the market prices of the company’s assets and liabilities. It acts as a signal in times
of economic boom and depression. It also encourages and ensures corporate
governance in the company which leads to healthy companies.”
Your assignment is to share your thoughts on this commentary. Do you agree or disagree with their
assessment? Why? (Please limit your response to 200 words or less)

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