requires or adopt IFRS and it is expected that by 2012‚ more than 150 countries will adopt IFRS. India has also taken the step towards convergence of Indian Accounting Standards with IFRS. This article details the need for harmonization of local GAAP with IFRS‚ challenges for Corporate India etc. 1. Importance of Accounting Standards 2. Accounting Standards Across the world 3. Need of Harmonization 4. IFRS Applicability in India 5. Challenges for Corporate India 6
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fairness of the financial statements is stated in the audit report. Also included is a summary of any justified departures from generally accepted accounting principles (GAAP) and their effects. There are five basic types of financial audit reports. A standard unqualified report is issued when there are no material violations with GAAP‚ all proper disclosures are included‚ and the auditor is independent and received all information necessary to proceed with the audit. There can also be no changes in
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ACC 808 Measuring International Accounting Harmonisation. Imad Alsuwaih University of Newcastle upon Tyne Department of Accounting and Finance International Financial Analysis Measuring International Accounting Harmonisation between Large Companies from France‚ Germany and the UK Supervised by Dr Simon Pallet Prepared by Imad Alsuwaih September 2002 Page 1 of 82 ACC 808 Measuring International Accounting Harmonisation. Imad Alsuwaih Acknowledgment I am most grateful
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when preparing financial statements‚ an entity might apply EU-endorsed IFRS (International Financial Reporting Standards)‚ FRSSE or UK GAAP. GAAP is a principles-based system‚ which lays out the main objectives of good reporting in the subject area and then defines guidance explaining intention and relating it to some common examples. It is more flexibility under GAAP. The information is reliable and relevant and accounts can apply reporting methods to the best reflect the financial actuality for the
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even the most traditional production manufacturers ( are moving towards an information age where a competitive edge is increasingly linked to resources other than the fixed and liquid assets as understood by Generally Accepted Accounting Principles (GAAP). Some research has shown that accounting for Intangible Assets (IA) - a general term that will be defined and separated later - will fulfill the accuracy requirement of the accounting functions and reports. Other research has shown that accuracy will
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business. The 50 states and 87‚000 local governments within the United States employ more than 17 million persons – almost six times the federal government civilian employment – and spend more than $1.8 trillion annually” (Freeman‚ Shoulders‚ Allision‚ Patton and Smith‚ p.32). The Escambia County‚ located in the northwestern part of the state‚ was established July 21‚ 1821 as a non-charter government when the Provisional Governor Andrew Jackson signed an ordinance making the county one of the first two
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1) (1) The U.S. GAAP section 360-10-35-21 states “A long-lived asset (asset group) shall be tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable”. An example of an event like this is a significant decrease in the market price of a long-lived asset. As stated in the case‚ one of Ida’s competitors sold its extremely comparable commercial building for an amount significantly less than its asking price. Since these assets are
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affect future periods and also affect the current period‚ disclosures of the effect of the change are required. Correction of errors is a correction of an error in previous financial statements. It also may be viewed as change from one non-GAAP method to GAAP. Corrections of errors are shown as restatement and it is treated retrospectively. This is done by restating comparative financial statements along with prior period adjustment. The nature of the error correction must be disclosed in the year
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Qualitative research involves collecting information about personal experiences‚ introspection‚ life story‚ interviews‚ observations‚ historical‚ interactions and visual text which are significant moments and meaningful in peoples ’ lives. • Patton (2002) defined qualitative research as attempting to understand the unique interactions in a particular situation. The purpose of understanding is not necessarily to predict what might occur‚ but rather to understand in depth the characteristics
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accounting for changes in estimates and accounting principle is similar between GAAP and IFRS. They both indicate that companies
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