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This accounts for 90 percent of reported pollution incidents.In the whole of 1995, imports accounted for 58 % compared with 57 % in 1994.→ account → See Verb table Examples from the Corpus account for 3 REASON to give a satisfactory explanation of why something has happened or why you did something SYN explain Can you account for your movements on that night? 4 HERE to say where all the members of a group of people or things are, especially because you are worried that some of them may be lost Three days after the earthquake, more than 150 people had still to be accounted for.
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2 REASON to be the reason why something happens SYN explain Recent pressure at work may account for his behavior.
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For businesses, the use of a single, trusted accounting language lowers the cost of capital and reduces international reporting costs.From Longman Dictionary of Contemporary English account for something phrasal verb 1 BE to form a particular amount or part of something Afro-Americans account for 12% of the US population. As a source of globally comparable information, IFRS Accounting Standards are also of vital importance to regulators around the world.Īnd IFRS Accounting Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. Our Standards provide information that is needed to hold management to account. IFRS Accounting Standards strengthen accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money. IFRS Accounting Standards bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions. IFRS Accounting Standards address this challenge by providing a high-quality, internationally recognised set of accounting standards that bring transparency, accountability and efficiency to financial markets around the world. Unpicking this complexity involved studying the minutiae of national accounting standards, because even a small difference in requirements could have a major impact on a company’s reported financial performance and financial position-for example, a company may recognise profits under one set of national accounting standards and losses under another. This patchwork of accounting requirements often added cost, complexity and ultimately risk both to companies preparing financial statements and investors and others using those financial statements to make economic decisions.Īpplying national accounting standards meant amounts reported in financial statements might be calculated on a different basis. In the past, such cross-border activities were complicated by different countries maintaining their own sets of national accounting standards. Investors seek diversification and investment opportunities across the world, while companies raise capital, undertake transactions or have international operations and subsidiaries in multiple countries.
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Modern economies rely on cross-border transactions and the free flow of international capital. More than a third of all financial transactions occur across borders, and that number is expected to grow. Global accounting standards for global markets