International Financial Reporting Standard (IFRS): Benefits‚ Obstacles And Intrigues For Implementation In Nigeria *IKPEFAN‚ OCHEI AILEMEN Ph.D (Banking &Finance)‚ ACA‚ACIB Department of Banking & Finance‚ Covenant University‚ Ota‚ Ogun State E-mail: ochei_ikpefan@yahoo.co.uk; Tel:234- 08053013418 **AKANDE‚ A.O B.Sc (Business Administration)‚ MBA; Department of Business Studies‚ Covenant University‚ Ota E-mail: Akandemeji@gmail.com Tel: 234-08035034209 Abstract IFRS is International Financial Reporting
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converting from GAAP to IFRS from a company’s perspective. Propose three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. 2. Identify four (4) financial reporting differences between U.S. GAAP and IFRS. For each financial reporting difference‚ take a position on which method would be most beneficial to financial statement users. 3. Predict three (3) possible problems that U.S. corporations may encounter when converting their financial statements to IFRS. Recommend three
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9/27/11 Acct-461V GAAP vs. IFRS Over a decade ago‚ it was believed that the whole world would likely adopt the Generally Accepted Accounting Principles (GAAP). At the point in time‚ the International Financial reporting Standards (IFRS) was only about ten years old. In the last decade‚ the IFRS has been adopted in many growing countries. Currently‚ it is anticipated that the U.S. will converge its GAAP with the international IFRS‚ leaving behind only a modified IFRS. This may occur as early
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U.S GAAP to IFRS Myechia McFadden Kaplan University I am for U.S. Gaap to change to IFRS. The main reason why I think this change should be made is because IFRS is global. The US GAAP is only good for the U.S. There are a few others reasons why I think this change should be made. U.S. GAAP (Generally Accepted Accounting Principles) is useful to present to potential investors and creditors and other users in making rational investment‚ credit and other financial decisions. The U.S GAAP has
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Comparison of reporting discrepancies between IFRS and GAAP Kaci Amon‚ Poonam Aujla‚ Daniel Aurora‚ Yuanyan Fang‚ Mark Gonzalez Accounting 306 C1 Professor Xuhong Luo August 12‚ 2012 Executive Summary The generally accepted accounting principal (GAAP) and international financial reporting standard (IFRS) are standards governing how economic events are reported. In the United States‚ the Securities and Exchange Commission (SEC) relies on the FASB‚ the accounting standard-setting body of
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Comparing IFRS to GAAP Fair value accounting‚ sometimes known as mark to market accounting‚ has been around for many years and has applied to many types of assets and liabilities accounts. But‚ special attention has been placed on fair value reporting due to expanding use( or misuse) of financial instruments. FASB and IASB have issued exposure drafts focused on differences between international and U.S. Generally accepted accounting principles with respect to fair value accounting. Different
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America demonstrated its power to the Soviets and the world by the extraordinary triumph of the first moon landing in 1969. In order to fully appreciate the significance of the lunar landing of Apollo 11‚ one must review the history of the early U. S. space program‚ from its inception to the successful completion of the Apollo mission. The United States and the Soviets began their fierce competition after World War II‚ the Cold War era; not only was the arms race on the ground‚ but also race
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According to U.S. GAAP‚ revaluation is not permitted for all types of intangible assets. Under IFRS‚ revaluation to the fair value of intangible assets other than goodwill is an allowable alternative treatment. This is a good difference between U.S. GAAP and IFRS. Sometimes‚ intangible assets do change rapidly over time. For example‚ a trademark may not be noteworthy at the transaction. However‚ as the company becomes larger and larger‚ the underlying value of the trademark would increase significantly
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Advantage of U-Mobile U-Mobile Offers the Lowest prepaid BIS Plan Rate in Town with Market’s First Bi-Monthly Plan that was attract to the customer to used it that plan and the rate in that years are achieve with that target that many of the customer were change their plan into U-Mobile user. That is because the U-Mobile were offer the lowest prepaid BIS plan rate at RM34 every two months‚ users can enjoy unlimited BIS services with U-Mobile‚ including access to BlackBerry Messenger (BBM)‚ Facebook
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Case: Marks & Spencer’s versus Zara’s Operations Marks & Spencer (M&S) is a major British retailer of clothing‚ food and financial services. Over 30 million customers are served per month in more than 300 UK stores‚ besides the many international locations. The company was established in 1884 and now it has over $17 billion in annual sales with the highest profit margin in the retailing industry. M & S is encountering some difficulties in logistics because it has lengthy logistics procedures
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