Introduction
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Importance of IFRS standard in developing the financial statements has been discussed in order for describing the financial aspects of the retail organizations.Currency exchange in international markets shows profit and aggregate demand in the market. The impact of currency exchange has implied huge trends and fluctuations in foreign investment and stock investment. The main purpose of this research study is to analyze the retail industry of the country UK. The objectives and relevance of the topic are clearly stated in this research proposal. Selection, collection and analyzing of the data will be critically interpreted in this research study. Theoretical and methodological approaches are practically recommended for the enhancement of the financial services in the country.
Literature Review
- In this chapter, the impact of the currency exchange will be discussed with critical features of the retail industry. In this research proposal, the plan and policies that will be implemented are elaborated on to the full extent (Ferrer et al. 2021). The research practice and intellectual argument for adopting policies are enlarged with practical assumptions. The dependent and independent variables will be also explained in the context of functions in currency exchange of the international market. The investment decisions that depend on the currency of the nation will be reflected as a dependent variable. As per the view of Kelikume and Muritala (2019), the UK economy is one of the largest economies in the world in which the retail industry play a vital role in generating revenue for a long period of time. In the year 2020, the financial service has generated £164.8 billion, and it is forecasted that in the year 2023, the revenue will generate £194.8 billion in a single year.
- The IFRS standard is the set of rules of the accounting that shows the functios of the tarnsactions and also the events required in accounting process. The four principle of accounting standard includes the relevance, reliability and also the comparability. Many changes have been included in the IFRS they are the LIBOR rates that will cease the interest rates on the variables that needs to be applied. The next is the recognition of the revenue that has been gained from the contract to determine all the revenue generated. One of tebigges changes that have been noticed was offering the services as well as the peoducts based in the item packaging tat is formed by the cpontracts who applies for the variable prices. With the implementation of IFRS, several changes have been noticed. The IFRS can enhance the quality and compatibility of the company in enabling the investors and also the participants of market that is included in the economic decision. One of the most important changes is techange in the financial statements of the company that have influence the company with the components of income statements including the propert and the equipment.
- Liquidity risk is only implied in the condition of crisis situation where the storage of the goods lacked. Due to tepandeminc the crisis of the stock has occurred that leads to the decrease in the demands of the products. The crisis has created a greater impact on the business on a negative term that have reduced the production of the company. This have resulted in less profitand the company have also suffered a lot in the processing the business. The new implementation of the IFRS in the business was effective as it helped the company to increase its production as well as to meet the demands of the customers by pending the goods according to their needs and wants.
- In the recent times there are 16 types International Financial Recording standers (IFRS) in the market. Therefore, these reports will help the organization in order to make determination about their business acoouting events and maintain the finiancial reports in future. Thus, the standard establishes a single accounting model that requires lessees to recognise assets and liabilities for all leases unless the lease term is less than 12 months or the underlying asset has a low value. Therfore, the the IFRS standerds will cover the extention period of the organization the organaiztion should leased the nature aseets without majoring the modification in the finicial statements. A lessor must recognise assets held under a finance lease as a receivable upon lease commencement in an amount equal to the net investment in the lease. [IFRS 16:67]. Therfore, through this standerds the organaizations will equal their net investment in the lease.
- Operating lease payments are recognized as income by a lessor on a “straight-line basis”. Therefore, most representative of the common patternthat has been benefit from use of the underlying the dimmed assets onanother systematic basis. [IFRS 16:81]. Thus, this standard will help the organization to underlined the declined finical assists of the company. In the current years the new IFRS standards will eliminate the organization classified leases such as financial leases and operating leases. Therefore. The IFRS standards 2018-2020 has been varying the annual value of the organizations. The organization has also developed guidance and examples to explain and demonstrate the application of the IFRS Practice Statement 2's "four-step materiality process." Thus, in the organizations all leases have been capitalized through recognized the liability of leases on the financial balance sheet. Therefore, the recent times new IFRS standards have affected the finical statement of the business organizations. The new IFRS standards has separate the profit and loss statement as well the business equipment and property. Hence the new IFRS standards are affecting the organization finical statement in recent years.
- The literature gap, summary and concepts regarding the currency exchange will also reflect the current scenario of the international market. As per the view of Megaravalli and Sampagnaro (2018), the solutions and recommendations to the gaps and limitations will also be provided in this research paper. The sound principles of the research proposal will be regard to the investment decisions and investigation procedure that will be helpful for the UK market will also reflected in this proposal (Pengiet al. 2020). The three-channel of investment decisions will be also stated here that can be beneficial for the existing companies of the UK in terms of generating profits.
Methodology
Methodology refers to the collection process of data that will be expressed in qualitative and quantitative forms. As stated by Samadiet al. (2021), in this chapter of the research proposal, the numerical data of the financial industry will be extracted from secondary sources. Moreover, the research design that is descriptive, positivism philosophy, secondary data collection methods and techniques, non-probability sampling techniques, and ethical considerationswill be evaluated. The research must include the financial acts in representing the currency and stock exchange policies of the country.The data analysis philosophical and project report will be also investigated in this study research but since ethically dubious aspects can't be included in the research article with none ethos. Thus, the experimental and simulation elements of this research have been remaining the basic theme of this research proposal. Therefore, the organiationpsychological sentiments could not be disgraced in this research proposal. Although the main objectives of the researchare that the organizationparticipantmustincludethe basic concepts of IFRS. In this research proposal, the research methods that will be used by the research will be reflected in a brief manner. The collected data can be secondary qualitative and quantitative data. As the country has a vast economy, therefore it may use secondary quantitative data for the data collection. The research approach that will be used for this proposal is the deductive approach. As opined by Sumer and Ozorhon (2020), the methodology represents the “overarching strategy and rationale of the research project”. This is because it holds huge numerical data regarding the currency exchange and stock exchanges in the UK or international market.
Research philosophy and research proposal will be also evaluated in this research study because without any philosophy unethical components cannot be used in making the research paper.As per the view of Thakkar and Chaudhari (2021), the ethics to prepare a research proposal that can be effective for its users must me was taken as the prior concept. The “observational, experimental, simulation” and derivation of the research elements will be the main theme of the research proposal. The psychological sentiments must not be disgraced by the researcher while stating the proposal. Research settings and the participants must derive real concepts of the research aim and objectives.
Expected Outcomes
After the data collection in the above chapter, the collected was interpreted in brief; this is stated as the expected outcome or analysis of the findings. In this research proposal, this chapter reflects the expected outcomes that are derived by the researcher in qualitative or quantitative form. As per the view of Wen et al. (2021), the expected outcomes will show the practical components of the currency exchange in the UK market including the stock market fluctuations in the other market. The impact of the financial industry on the country shows the “proportion of national economic output”. This is where the imports and exports of the country are measured with all the financial policies and results is been drawn on its basis. After this, the decisions are taken in respect of investments in other nations.
The analysis is done on the findings where different data are collected by different methods and the results are drawn by comparing its elements. As per the view of Hanif (2020), the outcomes show the relevance of the research proposal where the users of this can get expected results. The surplus and losses to the financial trade segments are mainly ascertained in this part of the research paper. The graphs and charts are mainly analysed in this segment with all the real and accurate sources. This also reflects the accuracy and authenticity of the research proposal which can make changes to the existing policies.
Summary
Based on the above context it can be concluded that the retail industry has many scopes that can run the country in profits for a longer period of time. It can be stated that the financial services that are provided in the retail industry must have variations that led to currency fluctuations and makes the demand for the stock and the investment in an alternative way. The consequences that are faced by the industry are also discussed with effective recommendations for the market scenarios. The abovementioned methods will show the effective data collection methods in the research proposal.
