Introduction to Accounting

Accounting is a vast domain and with passage of time many changes come in same. In current time period all nations of the world are focusing on the convergence of the accounting standards. This is because if international accounting standards will be implemented at global level better comparison of financial statements will be made. In the report, application of IFRS on government departments is discussed in detail. Factors due to which convergence is done in IFRS are also discussed briefly. At end of the report, the extent to which IFRS is in public interest is explained in detail