Running head: Essay 2
Carla Delgado
Acct. 612 Tax Research and Jurisprudence
Liberty University
Dr. Carlos Ranglin
Essay 2 2
The Effect of International Financial Reporting Standards
on Current Tax Planning Strategy
International Financial Reporting Standards (IFRS) refers to the international standards
that were created by the International Accounting Standard Board (IASB). This is the global
standard to prepare financial statement. These procedures need to be followed by the accountants
because it is like a common language among company to company and country to country.
The main goal is to have transparency so businesses and investors can make decisions
and be aware of what has been happening with the company. If the investor can not understand
the finances they would not be able to make a decision wether is a good choice to invest in that
country or that particular international business.
