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Because we are on the threshold of a revolution that will fundamentally change the way we live, work and communicate with each other.
The scale, volume and complexity of the fourth industrial revolution is unparalleled in all previous human experience. We will see stunning technological breakthroughs in a wide range of areas, including artificial intelligence, robotics, robot cars, 3D printing, nanotechnology, biotechnology, and more. Keywords: reform, economy, democracy, investors, statistics, technology, industry, budget. As we stand on the threshold of a revolution that will fundamentally change the way we live, work and communicate with each other. In terms of scale, volume and complexity, the fourth industrial revolution has no analogues in all previous experience of mankind. We will see stunning technological breakthroughs in the widest range of areas, including artificial intelligence, robotics, auto-robots, 3D printing, nanotechnology, biotechnology, and much more.
Key words: economy, reform, investors, statistics, technology, industry, budget.
Kazakhstan has entered a new historical era. Last year, the Head of state Nursultan Nazarbayev announced the beginning of the Third modernization of Kazakhstan.
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The task is to join the thirty developed countries of the world. Which contains the following movements-socio-political transformation and modernization of the economy. Two modernization processes have specific missions and tasks and methods to achieve them. The emergence of international trade and cash flows over the past two decades has increased the desire for harmonization of accounting standards in all countries. The appeal to the harmonization of international accounting by a large number of researchers was widely discussed.
They argue that the adoption of an international financial sound reference system suitable to standards (IFRS) would be of great benefit to society, such as the comparability of reporting between countries, the improvement and development of capital markets and the linkages and relationships between transnational companies. They also argue that with comparability of reporting come some barriers of economic impact, nationalism and lack of professional bodies.
One of the most valuable functions that will come from harmonization will be the comparability of international financial information. Currently, there is a great deal of misunderstanding regarding foreign financial reporting, improved comparability will eliminate this issue, as well as remove one of the most significant barriers to the flow of international investment. Global harmonization will save the time and money currently spent on combining different financial information when more than one set of reports is required to comply with different national laws or practices. It will also improve the tendency to raise accounting standards around the world to the highest possible level and to conform to local economic, legal and social conditions. The presence of one of the international language of accounting is beneficial for the worldwide comparison of reporting and transparency. Harmonization of accounting standards will also contribute to the development and expansion of capital markets. In the last two decades, growth in capital markets has been very dramatic.
This increase has given rise to a number of problems. One of the problems is the inconsistency in standards and practice disclosure of accounting information around the world, which relates to different groups. IFRS will allow foreign investors, financial analysts and foreign lenders to better understand the financial statements of various international companies and compare investment opportunities, which will help them to make the right investment decision. Groups that benefit from the harmonization of accounting standards, multi-national companies transfer financial information within groups will become easier. With the harmonization of reporting standards, it will be easier for multi-national companies (MNCs) to comply with the disclosure requirement for stock exchanges worldwide. Many of the new foreign investments of multi-national companies (MNCs) are coming to developing countries.
This means that due to significant differences in the financial statements, MNCs have to prepare numerous consolidated financial statements for each individual country. This will require a lot of time and resources, this problem will be eliminated by the full transition to IFRS. The subject of discussion was whether Accounting regulators took into account the issue of economic consequences when deciding on the adoption of IFRS. Many companies do not accept these changes because changes to their accounting standards will increase costs. Such resistance may arise in the harmonization of accounting standards. Experts argue that " the national accounting group will lobby in such a way as to minimize the costs associated with the transition to the new standard, or to avoid the stigma of non-compliance if it chooses to ignore the new international standard instead. We also discussed that accountants can lose confidence if they have to respond to the economic consequences of pressure, and discussed that this is vital if the accounting rules have received General support.
Scientists provide evidence on how accounting standard-setting bodies have influenced economic impacts in different countries. Problems of economic impact can lead to a variety of accounting methods, as they are the result of national cultural and regulatory frameworks. One of the barriers to harmonization may be nationalism. They believe that nationalism will lead to the rejection of accounting standards to be developed by other countries.
Each country is of the view that it has a better system and that accounting standards in other countries are inferior in nature. Some countries that have defects and deficiencies in their standards have decided not to apply IFRS as they can benefit from these inaccuracies. The need for harmonization of IFRS is, of course, obvious. As discussed earlier, there are a large number of benefits to be derived from this progression. This is necessary to ensure a professional, evolving and strong accounting environment. Despite the advantages, there are a number of barriers and obstacles that need to be overcome in order to harmonize international accounting standards. In order to ensure the uniform application of accounting standards across all cultural and political boundaries, the IASB International financial reporting standards Board needs to ensure that effective auditing practices and fair values are applied to ensure the integrity of the standards.
Politics and Economy of Kazakhstan. (2019, Aug 20). Retrieved from https://studymoose.com/politics-and-economy-of-kazakhstan-essay
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