UNIVERSITY AMERICAN COLLEGE SKOPJE To be completed by students (typewritten) COURSE NUMBER | | COURSE TITLE | Financial Accounting | SEMESTER | V | SESSION | | ASSIGNMENT NUMBER | 1 | SUBMISSION DATE DUE | | ASSIGNMENT TITLE | IFRS: Advantages and disadvantages | INSTRUCTOR’S NAME | | To be completed by the front desk secretary or the course administrator SIGNATURE | DATE SUBMITTED | HOUR SUBMITTED | MATERIAL SUBMITTED | | | | Hard copyE-submission | | To be completed by
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Chapter 1 Financial Accounting and Accounting Standards Intermediate Accounting‚ 15th Edition Kieso‚ Weygandt‚ and Warfield 1 Financial Statements and Financial Reporting • Goals or purpose of (financial) accounting – Identification‚ measurement‚ and communication of financial information about – An economic entity to – Interested Parties (internal and external) • Creditors‚ managers‚ unions‚ government agencies Financial reports (statements) & notes 2 Financial Statements
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Harmonization of International Accounting Standards Need for Harmonization of International Accounting Standards Introduction As there has been a tremendous growth in the market place with the existing accounting practices‚ this leads us to question why do we need harmonization of International accounting standards‚ what are its advantages and what are the barriers that hinder harmonization? Although accounting may be the "language of business‚" a common language has never been necessary
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Examine the advantages and disadvantages for China of harmonization of accounting standards under the current economic and social system. With the development of economic globalization and capital markets‚ accounting standards based on a national system cannot satisfy the needs of users whose decisions are increasingly international. Therefore harmonization of accounting standards has become an inevitable choice for many countries. The Chinese government has introduced four sets of accounting standards
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How many phenomenons have a global impact? If you are to count‚ they could be counted on your finger tips. Globalization is one of them. So before going to the advantages and disadvantages of globalization‚ lets us try to grasp this concept first. Simply put‚ globalization is an ongoing process of integration of regional economies into global network of communication and execution. Let me explain this a bit. Assume that you are a mango farmer in India and you grow very good quality mangoes over there
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Abstract Discussion on harmonization is started quite long time ago. Its impact on the countries economy is good or bad is the central idea of this essay. This essay is written specifically on the accounting standard used in Australia. This essay starts with introduction on various topics such as conceptual framework‚ IASB‚ Sacs then it discussed the issue of harmonization. Harmonization will have positive impact on the economy because it attracts overseas investors to invest in Australia. This
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United States Accounting Standards vs International Accounting Standards June 21‚ 2009 Introduction This research project will inform the reader of the difference between the United States accounting standards and International accounting standards. The United States uses the Financial Accounting Standards Board (FASB) to issue financial reporting procedures. The International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB).
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Nature of Accounting and the Accounting Standard Background Accounting is an important part for business and it is dubbed “language” of business activities conducted by firms. People think it is used to communicate business transactions per se to all stakeholders. However‚ some people argue that the functions of accounting are not that easy. Except the communication tool‚ accounting acts as many other difference roles in business. When doing accounting‚ different standard may be used. There are
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population between two different territories‚ therefore‚ external immigration could be specified as moving from one’s own country to another. Intense global migration did not used to be very common; however‚ these days it has become an unquestionably frequent phenomenon. As many issues are attached‚ there are numerous both disadvantages and advantages of this reality. To begin with‚ there is a variety of reasons which motivates people to leave their native country. The most common is a desire for a
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Accounting in the USA The following report will describe and discuss the major elements of accounting in the USA. It will show that the US Generally Accepted Accounting Principles (GAAP) are set by the Financial Accounting Standards Board (FASB)‚ where as the International Accounting Standards (IAS) are set by the International Financial Reporting Standards (IFRS). This report will also state the similarities and differences between these standards. In addition‚ the following report will use
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