HARMONIZATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) ACCOUNTING SYSTEM AND APPLICATION THROUGHOUT THE GLOBAL EDUCATION

The objective of this paper attempts to explain whether the introduction of IFRS accounting system at global level will eliminates the currency risk, price risk and interest risk. The primary data has been collected through the structured questionnaire from the 150 respondents. The secondary data obtained from the existing literature and review. The SPSS 16.0 version was used to interpret and analyze the data. The percentage and chi-square tests applied to derive the results. The study found that the single set of accounting standards through the IFRS eliminates currency exchange risk, interest rate risk and price risk. Hence, it is suggested that there should be a single set of accounting standards for all the countries within a globe through the IFRS to eliminate the different nature of risks.