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1、A discussion about application of International Financial Reporting Standards in SingaporeIntroductionTheproblemofinternationaleconomicaccountinghasbecomeincreasinglyprominentwiththedevelopmentofmultinationalcompaniesandtheappearingofmajorregionaleconomiesinrecess
2、ion.ItisbecomingremarkableforInternationalFinancialReportingStandards(IFRS)tosolvetheproblemasacoordinationsolution.AndbecauseoftheIFRS,makingacountry’sfinancialreportingstandardsintheaccountingpracticeisnotonlyconfinedtoacountry'sscope,butexpandingtothewiderangeo
3、finternational.Intheriseofmultinationalcorporationswiththedevelopmentofinternationaltrade,therequirementsofcomparabilityoffinancialinformationwouldcausethreeproblemsoffinancialaccounting:theconsolidatedfinancialstatements,theforeigncurrencyconversionaswellasthepri
4、cechangesofaccounting.Theyarealsothethreeproblemsofinternationalaccounting.Inaddition,thetaxsystemandtaxlawaredifferentamongcountriesto a certain degree.Allofthese,a unifiedstandardsareneeding(Jamal&Tan,2008).Aglobalunifiedaccountingstandardsappliedtothecompanywil
5、lbenefittheenterpriseattheaspectofdecreasingthecostofenterpriseguidelinestofollowandthecostofuseranalysis.Furthermore,italsohelpstodecreasethechanceoffinancialmaneuvermaliciouslyofenterpriseandimprovetheefficiencyofglobalmarketregulation.However,thebuildingofunifi
6、edstandardsisnotsoeasy.Therearemanyfactorsofinfluenceshouldbeconsidered,suchasthe11political、economic、social、cultural、geographicandsoon.Atthemeantime,theestablishmentofaunifiedcriterioniscontroversialinthepresent.AccordingToInformationStatistics,therehavealready13
7、8countriesadoptedtheInternationalFinancialReportingStandards(IFRS).Besidesthosecountries,therearealsomoreandmorecountriesapproachingtotheInternationalFinancialReportingStandards(IFRS),suchasChina、Japan、America.AboutSingaporeSingaporeisacitycountrywithstrengthandvi
8、gorwhoselandisnarrowandthepopulationdensityishigh.(OnlineIFRS,2015)Singapore'seconomynotonlyinthefirstofthe"Asiantigers", butalsocommercialservicestrade
