"Impact Of Financial Reporting Standards On Foreign Trade: A Comparative Analysis And Its Relevance In Economic Globalization"

Abstract

This study analyzes the impact of Financial Reporting Standards (IFRS) on foreign trade, highlighting their relevance in today's globalized economy. A comprehensive review of the existing literature and a comparative analysis between different countries implementing these standards was conducted. Qualitative and quantitative methods were used to assess the effectiveness and challenges of IFRS in international trade. The results indicate that the adoption of IFRS improves the transparency and comparability of financial reporting, facilitating trade transactions and foreign direct investment. However, challenges such as variability in implementation and cultural and regulatory differences between countries were identified. The conclusions highlight the need for greater harmonisation and international cooperation to maximise the benefits of IFRS in foreign trade. This work contributes to the understanding of how IFRS can be used as a tool to promote more efficient and equitable international trade.