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Accounting Standarts of Finland and Spain Essay Example

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Accounting Standarts of Finland and Spain

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Accounting Standarts of Finland and Spain. Both Finland and Spain have been somehow reluctant to adopt new accounting standards that are being developed by internationally recognized bodies. Much as Finland and Spain adore their accounting standards as sovereign in their respective countries, they should also develop an eye for details and have the clue that accounting information is not only for an individual country but also for the larger society. One of the things that Finland and Spain should ensure is that any accounting procedure they choose to take, it should be understandable. This is because any accounting information prepared by these countries is intended for use by other countries and therefore the information should be understandable.

The case of these two countries refusing to include new accounting standards that are emerging due to increasing public demand is putting other parties from different countries at a risk of not understanding the information.Though the Finnish government has been slow in adopting the internationally set standards of accounting, it has been at the forefront to evaluate its accounting standards hence has developed a conceptual framework accounting for financial accounting. Though it has been reluctant to abide by all the it has borrowed some of the accounting principles from it, which has enabled the government to come up with a better and more understandable accounting framework. The framework has seen the Finnish government remaining to uphold some of their accounting standards such as the one on financial instruments where it discloses the fair value of all the financial assets and liabilities whether they are recognized as entities or not. Summarily, adherence to international accounting standards is of great importance to a country because it is exposed to a variety of investors who are willing to invest in the country. Therefore disclosing financial information at the end of every financial year is very important to the country. Accounting Standarts of Finland and Spain.

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