International Financial Reporting Standards Research Paper - 1

International Financial Reporting Standards - Research Paper Example The research proposal encompasses background to the proposed research, its objectives and research aim that the researcher will achieve at the completion of the research report. It also includes brief literature review relevant to the subject topic. Moreover, the proposed research methodology that is based on qualitative research along with its limitations is provided. Finally, the research proposal also provides ethical considerations that the researcher has fully understood and acknowledged as a part of conducting such research. Accounting profession has its history that could date back to many centuries. Over the years the accounting profession has evolved through a learning process as economic conditions and ways of doing businesses have drastically changed where new transactions are introduced and the existing rules and regulations are considered insufficient to meet the requirements of a transparent and complete disclosure of companies’ financial positions. All countries have their own accounting regulatory bodies that have either formulated their own standards and practices for businesses to follow or they have simply adopted accounting standards and guidelines developed by one of the well established and regulated frameworks. These standards and guidelines are required to be fully complied with at all times and auditors, and audit committees within organizations are required to ensure that no discrepancies take place. However, from time to time those involved in the global corporate sector are criticized for their deliberate manipulations of firms’ accounts and misuse of accounting standards to present a healthier image of the business. This argument is often raised at times of when recession hits economies as businesses become more susceptible of managing their earnings falsely to attract or retain investment and shareholders turn towards accountants and auditors to seek their assurance regarding