The Impact of International Financial Reporting and its Role in Improving the Economic Development of Public Companies: An Analytical Study
Keywords:International Financial Reporting Standards (IFRS), public companies, Securities and Exchange Commission's (SEC), Earnings Per Share (EPS), international standards for quality control, international accounting standards, financial market stability
Objective: The main objective of the research was to investigate how local financial experts and portfolio managers view the impact of international financial reports on the expansion of public companies' economies.
Theoretical framework: This study is aiming to explore the views of portfolio managers and local financial experts regarding the influence of international financial reports on the economic growth of public companies. The findings suggest that while quality control standards may not significantly affect financial market stability, adherence to international accounting standards plays a pivotal role in shaping the economic growth trajectory of public businesses.
Methods: The research group included 80 portfolio managers and financial locals. The researcher was able to collect the data needed for this study by developing a questionnaire that assesses the hypotheses on which it was based and using evaluative phrases to evaluate the significance of the sample's answers.
Results and conclusions: The results show that while worldwide standards for quality control have little to no influence on the stability of the financial markets, those for accounting do, and that influence has an effect on the expansion of public companies' economies.
Implications of the study: new studies are required to further the field of economic development in order to help companies recover from and overcome unforeseen crises. Given that such a structure promotes business development, more thought should be given to the creation of a board of directors with a sizeable number of members.
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