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For now, globalization is the future trend of business, do you think how to balance the extrinsic and intrinsic classification methods to ensure both local relevance and international comparability in financial reporting?

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Related to the first article 'Lessons from misclassification in international accounting'

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Related to the first article 'Lessons from misclassification in international accounting'

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Look at our findings of Christopher Nobes in 'Lessons from Misclassification in International Accounting, how to improve the accuracy and relevance of classifications?

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Check the effect of classification by reducing complexity and enhancing comparability in international accounting standard. How classification affect harmonization of accounting practices?

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Leverage Technology like XBRL to enable customizable reporting that meets both local and international needs.

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try to classify accounting, based on both global business environments and local accounting practice

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To balance extrinsic and intrinsic methods in financial reporting for globalization, leverage international standards like IFRS as a foundation, allowing for localized adaptations. Encourage collaboration between local regulators and international bodies to ensure both relevance and comparability in reporting.

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we can adopt the international accounting standard which still relevant to our culture in our country, however since the globalisation the extrinsic factor become more blur so we may ommit the extrinsic factor in the future

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xin guo

To balance extrinsic and intrinsic classification methods for global and local relevance in financial reporting, focusing on adopting international standards like IFRS can help. These standards are principle-based, allowing for flexibility to accommodate local practices while ensuring consistency and comparability globally. Additionally, incorporating guidance for dealing with specific local issues within the broader framework can address local relevance without compromising international standards.