International Financial Reporting Standards Essays & Research Papers

Best International Financial Reporting Standards Essays

  • International Financial Reporting Standards
    International Accounting Standards Introduction: Accounting is the means of providing the financial information of any given organization. It summarizes all the company’s transactions and provides a clear image of the business. Accounting keeps the record of all financial reports which is very important for all the managers and stake holders like share holders, creditors or owners. Every country has its own set rules and follows their own accounting standards. (Duquesne University, 2006). As...
    2,564 Words | 6 Pages
  • International Financial Reporting Standards
    A. The main purpose is to of the (IASB) develop and issue International Financial Reporting Standards and Exposure Drafts, and Approve Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC). B. How is the IASB made up IASB is originally made up of 14 members from different countries with experience covering wide areas of accounting and business. The objectives of the ISAB are: (a) to develop, in the public interest, a single set of...
    498 Words | 2 Pages
  • International Financial Reporting Standard
    INTERNATIONAL FINANCIAL REPORTING STANDARDS(IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain...
    7,469 Words | 21 Pages
  • International Financial Reporting Standards
    Question 3: Frieda, an accounting student, states: “Strategy analysis seems to be an unnecessary detour in doing financial statement analysis. Why can’t we just get straight to the accounting issues? “Explain to Frieda why she might be wrong. Without strategy analysis, it is impossible to identify what drive profits and what are key risks. Moreover, assessing firm’s current performance and doing realistic forecasts of future performance are also directly linked with firm’s strategy. Three...
    3,204 Words | 10 Pages
  • All International Financial Reporting Standards Essays

  • International Financial Reporting Standards and Leases
    RESEARCH REPORT Table of Contents EXECUTIVE SUMMARY 3 1.0 INTRODUCTION 4 2.0 HISTORY 4 3.0 PRESENT APPROACH 4 3.1 RECOGNITION 4 3.1.1 FINANCE LEASE 4 3.1.2 OPERATING LEASE 5 3.2 MEASUREMENT AND PRESENTATION OF LEASES 5 3.2.1 FINANCE LEASES 5 3.2.2 OPERATING LEASES 5 3.3 REASON BEHIND THIS APPROACH 5 4.0 FUTURE DEVELOPMENTS 6 4.1 CHANGING THE IASB'S CURRENT STANDARDS IN RELATION TO LEASES 6 4.2 AFFECT ON AUSTRALIAN REPORTING ENTITIES 7 5.0 CONCLUSION 7...
    1,989 Words | 7 Pages
  • report on international financial reporting standard
     MBA PROGRAM PREPARED BY: - ID NO 1. BISRAT ALBACHEW GSR/2005/06 2.ISRAEL BIRHANU GSR/2021/06 3.SIYUM MENDA GSR/2034/06 4.YIBELTAL BITEW GSR/2041/06 SUBMITTED TO:- INSTRUCTOR: Dr.P. Laxmikantha December 2013 Table of content Title...
    4,325 Words | 14 Pages
  • International Financial Reporting Standards and Accounting Standards
    MCQs in lecture from ch 2 1. Accounting theories should be A. Inductive B. Deductive C. Descriptive D. None of the given options is correct 2. Which of the following statements is true about accounting measurements such as profits and assets? A. They are subject to professional judgment B. They would not vary if prepared by different accountants, providing they were based on the same set of accounting standards C. They are based on hard, objective, evidence...
    388 Words | 2 Pages
  • International Financial Reporting Standards and Accounting Standards
    The International Financial Reporting Standards (IFRS) are an attempt to harmonise accounting practices on a global scale, with the ultimate aim of making it easier for companies to assess potential cross-border activities. Promoted by the International Accounting Standards Board (IASB), the IFRS are principles-based standards designed to increase accounting transparency and interoperability from country to country. The development of IFRS includes both the standards issued by the current...
    2,123 Words | 6 Pages
  • Abstract: International Financial Reporting Standards and Fair Value
    Current Critique of IAS 2 Inventories Disssertation Submitted in partial fulfilment of the requirements of the National Diploma FINANCIAL ACCOUNTING (SAQA ID 20366) November 2013 Declaration: I declare that this mini-dissertation submitted by me, is my own work, that I have referenced all the sources that I have used and that no aprt was previously submitted at any tertiary institution Signature: Date: Abstract IN this paper I will set out to...
    1,488 Words | 6 Pages
  • Malaysian Financial Reporting Standard
    MFRS 111 Malaysian Financial Reporting Standard 111 Construction Contracts This version includes amendments resulting from MFRSs with effective dates no later than 1 January 2012. 495 MFRS 111 CONTENTS paragraphs Preface MALAYSIAN FINANCIAL REPORTING STANDARD 111 CONSTRUCTION CONTRACTS OBJECTIVE SCOPE 1–2 DEFINITIONS 3–6 COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS 7–10 CONTRACT REVENUE 11–15 CONTRACT COSTS 16–21 RECOGNITION OF CONTRACT REVENUE AND EXPENSES 22–35...
    4,254 Words | 24 Pages
  • The Malaysian Financial Reporting Standard
    MFRS 108 Malaysian Financial Reporting Standard 108 Accounting Policies, Changes in Accounting Estimates and Errors This version includes amendments resulting from MFRSs with effective dates no later than 1 January 2012. Amendments with an effective date later than 1 January 2012 MFRS 108 has been amended by:  MFRS 9 Financial Instruments* (IFRS 9 Financial Instruments issued by IASB in November 2009)  MFRS 9 Financial Instruments* (IFRS 9 Financial Instruments issued by IASB in...
    6,521 Words | 26 Pages
  • Evolution of International Financial Reporting Standards (Ifrs)
    Synopsis of Project study on Evolution of International Financial Reporting Standards (IFRS) HARITIKA CHHATWAL Objective Accounting is the systematic measurement and recording of financial information used for decision-making, coordination, or control in an organisation. In broader perspective the financial information has to be more read as “quantitative information" rather than just merely "financial information" as the measurement and use of...
    671 Words | 3 Pages
  • International Financial Reporting Standards and Earnings Management
    The effects of IFRS adoption: a review of the literature Abstract This paper provides a comprehensive classification, review and discussion of the body of literature that analyses the effects of IFRS, as intended by standard setters and adopting countries. Trends in the literature are identified and implications for future empirical research, for countries where IFRS has already been introduced and those where adoption is planned, are discussed. Further, other factors, which are also...
    20,390 Words | 54 Pages
  • The Benefits of Adopting International Financial Reporting Standards (IFRS)
    The Benefits of Adopting International Financial Reporting Standards (IFRS) In The United States by Michelle Minor Accounting 203 5/20/09 Most people believe that the conversion from each country’s GAAP to IFRS is inevitable, though there is nothing conclusive of how effective or successful this would be. In short, making the switch to IFRS is a great leap of faith by all who participate. Ideally IFRS is designed to be used by all companies worldwide, which is highly unlikely unless...
    1,698 Words | 5 Pages
  • International Financial Reporting Standards and Revenue Recognition
    Revenue recognition is a very important component of financial accounting and reporting. The accounting principles governing revenue recognition can have a big impact on corporate accounting and the way contracts are structured with customers. As a part of ongoing discussions to converge U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), some proposals to change revenue recognition have been discussed. The following will discuss...
    423 Words | 2 Pages
  • Negative Effects of Adoption of International Financial Reporting Standards
    Abstract The international accounting standards board (IASB) has replaced the international accounting standards committee (IASC) in 2001 and at the same time many standards of IFRS come from the International Accounting Standards which issued by IASC. After the new standards announce, the uptrend of globalisation has pushed more and more countries on their ways of adopting the international accounting standards. The drive for IASB is a British initiative and London is the headquarters for the...
    3,612 Words | 11 Pages
  • International Financial Accounting Standards
    VSRD International Journal of Business and Management Research, Vol. 3 No. 2 February 2013 e-ISSN : 2231-248X, p-ISSN : 2319-2194 © VSRD International Journals : www.vsrdjournals.com / 103 RESEARCH COMMUNICATION IFRS IMPLEMENTATION “ISSUES AND CHALLENGES FOR INDIA” 1 B. 1 Associate 2Researsh Kapoor and 2Jyoti Ruhela* Professor, Scholar, 1,2Department Commerce & Business Administration, MMH College (CCS University), Ghaziabad, Uttar Pradesh, INDIA. *Corresponding Author :...
    2,190 Words | 9 Pages
  • Problems of Adoption and Application of International Financial Reporting Standards (Ifrs) in Bangladesh
    International Journal of Business and Management December, 2009 Problems of Adoption and Application of International Financial Reporting Standards (IFRS) in Bangladesh Sumon Bhattacharjee (Corresponding author) Department of Business Administration, East West University 43-46 Mohakhali C/A, Dhaka, Bangladesh Tel: 88-17-1285-9617 E-mail: sumon@ewubd.edu Muhammad Zahirul Islam Department of Business Administration, East West University 43-46 Mohakhali C/A, Dhaka, Bangladesh Tel:...
    7,842 Words | 24 Pages
  • Advantages and Cost of Adoption in Australia of International Financial Reporting Standards (Ifrss)
    The issue of adoption of international financial reporting standards (IFRSS) in Australia has been controversial issue since the first time Australian Financial Reporting council (FRC) announced the policy in 2002. Many believe that IFRSS adoption will lead to great advantages such as enhance financial report comparability, improve quality of financial reporting, attract more foreign investor, and other significant advantages. However, some also believe that the adoption merely result in...
    1,907 Words | 6 Pages
  • The Adopting Process of International Financial Reporting Standard (Ifrs) on a Developing Economy
    Abstract The study focused on the adoption process of International Financial Reporting Standards (IFRS) on a developing economy, with particular reference to Nigeria. The paper is based on the data obtained from literature survey and archival sources in the context of the globalization of International Financial Reporting and the adoption of International Financial Reporting Standards (IFRS).Nigeria has embraced IFRS in order to participate in the benefits it offers, including attracting...
    5,475 Words | 19 Pages
  • Advantages and barriers of harmonizing International Financial Reporting Standards throughout the world
    The development in international trade and capital flows that has occurred over the previous two decades has increased the desire to harmonise accounting standards across the globe. The appeal of international accounting harmonization has been extensively discussed. Numerous academics Ali, J M (2005), Adhikari and Tondkar (1992), Saudagaran (1997) argue that adopting International Financial Reporing Standards (IFRS) would bring great benefits to society, such as comparability of statements...
    1,053 Words | 3 Pages
  • Accounting Principles: Financial Reporting Standards
    Solutions Guide: Please reword the answers to essay type parts so as to guarantee that your answer is an original. Do not submit as is Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit, the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles,” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more...
    612 Words | 2 Pages
  • The International Financial Reporting Standards: a Report on the Roadmap and Roadblocks to Implementation in the Us and Abroad
    The International Financial Reporting Standards: A Report on the Roadmap and Roadblocks to Implementation in the US and Abroad Robert B. Shaw Term Paper Prof. Paul Strohmenger GBA 521 - 002 Financial Accounting and Reporting Fall Semester - December 2010 2) how is it progressing? 3) how does it differ from GAAP? 4) will it be implemented & how? The International Financial Reporting Standards, otherwise widely known as the IFRS, are a set of high quality...
    2,097 Words | 7 Pages
  • Uniform accounting standards produce uniform financial reporting. Discuss and evaluate the above statement in the context of the International Financial Reporting Standards (IFRS)
    In order to answer this question one must first identify what the phrases “accounting standards” and “financial reporting” refer to. Accounting standards refer to the accounting methods used in an accounting system like the IFRS. Financial reporting refers to the representation of financial information, in order to be uniform the financial reporting must be based on a fixed set of rules, invole complete objectivity and no bias. The IFRS (International financial reporting standards) has...
    1,066 Words | 3 Pages
  • Financial Reporting - 1628 Words
    TABLE OF CONTENTS PAGE QUESTION 3 INTRODUCTION 4 CHALLENGES IN ADOPTION AND IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS(IFRS) IN TANZANIA. 5 RECOMMENDATIONS ON HOW NBAA SHOULD SUPPORT REPORTING 7 ENTITIES TO COMPLY WITH IFRSs 7 CONCLUSION 9 REFERENCES 10 QUESTION Explain in detail the challenges encountered in adoption and...
    1,628 Words | 6 Pages
  • Financial Reporting - 2833 Words
    Info Conceptual Framework — IASB-FASB joint project Background At their joint meeting in October 2004, the IASB and the US FASB decided to add to their respective agendas a joint project to develop a common conceptual framework, based on and built on both the existing IASB Framework and the FASB Conceptual Framework, that both Boards would use as a basis for their accounting standards. The two boards reached the following tentative decisions about the approach to the project: * The...
    2,833 Words | 10 Pages
  • Financial Reporting - 1375 Words
    Syllabus ________________________________________________________________________ Webber International University Graduate School of Business MBA 6182-20136 Financial Reporting Fall, 2013 __________________________________________________________________ Instructor: Robert Nagoda Office: Faculty Offices Phone: 863-638-2942 E-Mail: nagodarj@webber.edu (MBA618-EL in subject line) __________________________________________________________________ Catalog Description: This...
    1,375 Words | 6 Pages
  • Financial Reporting - 133011 Words
    1393 www.ebooks2000.blogspot.com FUNDAMENTALS LEVEL PAPER F7 FINANCIAL REPORTING (INTERNATIONAL) P R A C T I C E & R E V I S I O N K I T In this January 2010 new edition • • • • • • We discuss the best strategies for revising and taking your ACCA exams We show you how to be well prepared for your exam We give you lots of great guidance on tackling questions We show you how you can build your own exams We provide you with three mock exams including the December 2009 exam We provide...
    133,011 Words | 522 Pages
  • Financial Reporting - 4348 Words
    The Regulation of Financial Reporting Contents Part 1 Financial Statement Analysis of JD Wetherspoon plc Executive summary.............................................................................4 1.1 Company profile................................................................................4 1.2 History and development...................................................................4...
    4,348 Words | 15 Pages
  • Financial Reporting - 607 Words
    What is financial reporting? The traditional function of financial reporting was to provide business owners with information about the companies that they owned and operated. Once the delegation of managerial responsibilities to hired personnel became a common practice, financial reporting began to focus on stewardship—that is, on the managers’ accountability to the owners. Its purpose then was to document how effectively the owners’ assets were managed, in terms of both capital preservation...
    607 Words | 2 Pages
  • The Evolution of Indian Accounting Standards: Its History and Current Status with Regard to International Financial Reporting Standards
    1. Introduction Propelled by globalization, world attention today is centered on two emerging market economies, India and China. China's managed liberalization has allowed it to achieve more rapid growth and has attracted a larger portion of direct foreign investment. India, with its messy democracy and nod to individualism in recent times promises a more exciting market environment with greater potential for future growth. The liberalization of the Indian economy since 1991 has exposed Indian...
    5,328 Words | 17 Pages
  • Uniform accounting standards produce uniform financial reporting.’ Discuss and evaluate the above statement in the context of International Financial Reporting Standards (IFRS).
    In the last decade, various countries around the globe have shifted towards a uniform accounting standards or the International Financial Reporting Standards (IFRS). The main motive behind this movement is to come up with a global language for accounting which will be comparable and understandable beyond the borders of a nation. As of today about 120 countries require IFRS for domestically listed companies, although only about 90 countries have fully conformed to IFRS . While some argue that it...
    793 Words | 2 Pages
  • financial REPORTING - 8301 Words
    Page of Contents Introduction ………………………………………………… 02 TASK 01 ………………………………………………... 03 – 22 T1.1 ………………………………………………... 03 - 11 T1.2 ………………………………………………… 12 -22 TASK 02 ………………………………………………… 23 - 36 T2.1 ………………………………………………… 23 - 27 T2.2 …………………………………………………. 28 - 31 T2.3 …………………………………………………. 32 - 36 TASK 03 ......................................................................... 37 - 47 T3.1 …………………………………………………. 37 - 43 T3.2 …………………………………………………. 44 - 47...
    8,301 Words | 55 Pages
  • international standards - 1610 Words
    Companies that use the same standards to prepare their financial statements can be compared to each other more accurately. This is especially important when comparing companies located in different countries, as they might otherwise be using different rules and methodologies to prepare their statements. This increase in comparability has helped investors better determine where their investment dollars should go. Not Globally Accepted The United States has not yet adopted International...
    1,610 Words | 7 Pages
  • THE EFFECT OF CONVERGENCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARD [IFRS]-BASED ACCOUNTING STANDARDS ON STOCK MARKET
     THE EFFECT OF CONVERGENCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARD [IFRS]-BASED ACCOUNTING STANDARDS ON STOCK MARKET: EVIDENCE FROM MALAYSIA PUBLIC LISTED COMPANIES EVI OKTAVIANI SORAYA A project report submitted in partial fulfillment of the requirements for the award of the degree of Master of Business Administration International Business School UniversitiTeknologi Malaysia JANUARY 2014 I declare that this thesis entitled “The Effect of...
    9,765 Words | 35 Pages
  • Uniform Accounting Standards Produce Uniform Financial Reporting
    ‘Uniform Accounting Standards Produce Uniform Financial Reporting’ Inro Why is the question important? In an increasingly interconnected world, the operations of international corporations are transnational. In addition, more and more investing takes place on a global level. Historically, different countries have developed their own national accounting standards. Before the introduction of the IFRS, the accounting principles of neighbouring countries were similar in many respects but used...
    1,549 Words | 5 Pages
  • Chapter 3 International Convergence of Financial Reporting
    CHAPTER 3 INTERNATIONAL CONVERGENCE OF FINANCIAL REPORTING Answers to Questions 1. The ultimate goal of both harmonization and convergence is to achieve international comparability in financial reporting, and both are processes that take place over time. However, while harmonization refers to the reduction of alternative accounting practices in different countries, convergence refers to the process of developing a set of high quality financial reporting standards for use internationally...
    2,171 Words | 7 Pages
  • International Financial Reporting System (Ifrs) Convergence
    ABSTRACT International Financial Reporting System (IFRS) convergence - effects on Indian banking System As Indian economy is gradually attuned to the global best practices, the country is slated to converge the Indian Generally Accepted Accounting Principles (GAAP) with International Financial Reporting Standards (IFRS) from 01.04.2011 The Banking and Insurance sectors are excluded from this cut off time period and the convergence activities are ongoing. There is need for convergence of...
    2,885 Words | 10 Pages
  • Effects of the Global Financial Crisis on the International Accounting Standards
    Abstract Since July 2007, leading economist believe that this has been the worst financial crisis since the great depression. This essay outlines various viewpoints and influences in respect to the paradigm. Firstly it defines, Global Financial Crisis (GFC) and the impact it has had on International Accounting Standards in regards to implementation and use of their accounting regulations. It also examines The Fair Value Measurement in accordance to the effect it has on the GFC and how the...
    2,091 Words | 6 Pages
  • How Would International Financial Reporting Standards Affect the Quality of Canadian Accounting Information?
    How would International Financial Reporting Standards affect the quality of Canadian accounting information? LIMING TONG INTRODUCTION Globalization has a great impact on today’s economy. The differences of accounting regulations and practices in various countries have become a noteworthy obstacle to globalization and economic development. International Financial Reporting Standards (IFRS) mitigates global business barriers. In order to adapt to the increasingly global business...
    1,941 Words | 6 Pages
  • Choose a Current International Accounting Standard (Ias) or International Financial Reporting Standard (Ifrs). Briefly Summarise Its Provisions and Assess Whether the Standard Can Be Considered to Be ‘Principles-Based’ or ‘Rules-Based’, E...
    Introduction There are mainly two accounting standards: principle-based and rule-based in the accounting system. This paperwork will chose one regulation in International Accounting Standard, which is covered the regulations on inventory. After the brief summary of IAS 2, there will be a discuss about the IAS 2’s characteristics. Summary of IAS 2 In summary, the objective of IAS 2 is to prescribe the accounting treatment for inventories. It provides guidance not only for determining the...
    1,172 Words | 4 Pages
  • Financial Accounting and Reporting - 12407 Words
    FINANCIAL ACCOUNTING AND REPORTING Module 9: Basic Theory and Financial Reporting Module 10: Inventory Module 11: Fixed Assets Module 12: Monetary Current Assets and Current Liabilities Module 13: Present Value Module 14: Deferred Taxes Module 15: Stockholders’ Equity Module 16: Investments Module 17: Statement of Cash Flows Module 18: Business Combinations and Consolidations Module 19: Derivative Instruments and Hedging Activities Module 20: Miscellaneous Module 21: Governmental...
    12,407 Words | 51 Pages
  • The International Accounting Standards Board
    The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are undertaking the Conceptual Framework project jointly in order to create a sound foundation for the new accounting standard by revising the existing conceptual framework. The International Accounting Standards Board (IASB) is the dependent standard-setting body of the IFRS foundation. The IASB adopted the FASB in its framework as guidelines for the preparation IFRS that it published in...
    2,143 Words | 6 Pages
  • The Conceptual Framework for Financial Reporting
    Conceptual Framework The Conceptual Framework for Financial Reporting The Conceptual Framework was issued by the IASB in September 2010. It superseded the Framework for the Preparation and Presentation of Financial Statements. © IFRS Foundation A21 Conceptual Framework CONTENTS paragraphs FOREWORD THE CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING INTRODUCTION Purpose and status Scope CHAPTERS 1 2 3 4 The objective of general purpose financial reporting The reporting...
    11,738 Words | 45 Pages
  • Financial Reporting and Analysis - 570120 Words
    FINANCIAL REPORTING & ANALYSIS Lawrence Revsine H. Fred Mittelstaedt Late of Northwestern University Deloitte Foundation Professor of Accountancy Mendoza College of Business University of Notre Dame Daniel W. Collins Henry B. Tippie Research Chair in Accounting Tippie College of Business The University of Iowa W. Bruce Johnson Sidney G. Winter Professor of Accounting Tippie College of Business The University of Iowa Leonard C. Soffer Clinical Professor of Accounting Booth School of...
    570,120 Words | 3336 Pages
  • Regulations of Financial Reporting in Nigeria
    REGULATIONS OF FINANCIAL REPORTING IN NIGERIA INTRODUCTION Regulation of accounting information is aimed at ensuring that users of financial statements receive a minimum amount of information that will enable them take meaningful decisions regarding their interest in a reporting entity. The bodies responsible for these regulations are often statutory agencies such as the Financial Reporting Council, Securities and Exchange Commission and...
    3,322 Words | 14 Pages
  • The financial reporting in the USA - 7425 Words
    Academic Administration Course/Unit code Assignment number Assignment due date Group/Session name (if applicable) ACCT 1077 1 31/8/2012 Course/Unit name Program title Accounting Theory Bachelor Of Business (Accountancy) Lecturer/Teacher’s name Tutor / Marker’s name (if applicable) Rakesh Pandey (Thursday 11:30am) Rakesh Pandey (Thursday 11:30am) This statement should be completed and signed by the student(s) participating in preparation of the assignment. Declaration and statement of...
    7,425 Words | 26 Pages
  • Coporate Financial Reporting - 2451 Words
    CORPORATE FINANCIAL REPORTING Assignment #1 On * Sukuk (in context to Pakistan) * Listing requirements by KSE * IFSB * History of Accounting Standards and Adoption of IFRS * Deloitte Pakistan/Global Deloitte (1) Sukuk (in context to Pakistan) Sukuk is the Arabic name for financial certificates, but commonly refers to the Islamic equivalent of bonds. Since fixed income, interest bearing bonds are not permissible in Islam, Sukuk securities are structured to comply...
    2,451 Words | 8 Pages
  • Financial Reporting Practices - 1104 Words
    Financial Reporting Practices Financial Reporting Practices Health Care Financial Accountin September 7, 2011 Ethical standards in financial reporting are essential. Tools have been set in place to ensure that this takes place. Some of these tools are agencies that have been established, elements of financial management, and Generally Accepted Accounting Principles. Several administrative agencies have been established to strive to create a more standardized and ethical...
    1,104 Words | 4 Pages
  • A Sound Financial Reporting System
    A sound financial reporting system, supported by high quality accounting standards and backed by a solid regulatory, governance and ethical framework, is a pre-requisite for economic development”. Economic development is affected by many factors; some believe that a strong financial reporting system is one of them. Throughout the report this will analysed and discussed to come to a sound understanding whether it does and if so, how effective it really is. High quality accounting...
    891 Words | 3 Pages
  • Financial Performance Reporting - 1534 Words
    DAVID F. HAWKINS Financial Performance Reporting1 The Financial Accounting Standards Board’s (FASB) Financial Performance Reporting by Business Enterprises project may change the form and content, classifications and aggregations, and display of specified items and summarized amounts on the face of all basic financial statements. An important result of this project may be that net income would be eliminated as an income statement item. It would be replaced by comprehensive income. Currently,...
    1,534 Words | 6 Pages
  • An Introduction to the Financial Reporting Council
    Introduction The Financial Reporting Council (FRC) is a statutory body under the Australian Securities and Investments Commission (ASIC) Act 2001 and its purpose is to oversee the process of setting accounting & auditing standards. One of the many key roles of FRC includes the maintenance of independence functions of auditor by monitoring and assessing the overall adequacy of the procedures followed by the auditors and their compliance with auditor independence requirements (FRC 2011). It...
    3,605 Words | 9 Pages
  • Legality and Ethicality of Financial Reporting
    As the case of Excello Telecommunications is reviewed it can be seen that the CFO was facing financial difficulties due to increased competition. In 2010 the earnings estimate was not going to be met and this would have affected the bonuses, stock options, and the share prices of the Excello stocks. After discovering a large sale that was pending until the shipment could be made for the following year the CFO asked the company controller to find a way to capitalize on the sale in the current...
    1,258 Words | 4 Pages
  • International Accounting Standards - 14292 Words
    INTERNATIONAL ACCOUNTING STANDARDS A CONSULTATION DOCUMENT ON THE POSSIBLE EXTENSION OF THE EUROPEAN REGULATON ON INTERNATIONAL ACCOUNTING STANDARDS 30 August 2002 URN 02/1158 INTERNATIONAL ACCOUNTING STANDARDS A CONSULTATION DOCUMENT ON THE POSSIBLE EXTENSION OF THE EUROPEAN REGULATON ON INTERNATIONAL ACCOUNTING STANDARDS 30 August 2002 © Crown copyright CONTENTS Section 1 - Summary and questions Section 2 - How to Reply Section 3 - Background Section 4 - Analysis of...
    14,292 Words | 44 Pages
  • International Accounting Standards Board
    International Accounting Standards Board Dawn Becker University of Phoenix- ACC440 Mike Raponi September 5, 2005 International Accounting Standards Board History "The International Accounting Standards Board (IASB) was preceded by the Board of the International Accounting Standards Committee (IASC), which operated from 1973 until 2001." http://www.lasb.org/about/history.asp . The International Accounting Standards Board (IASB) was founded on April 1, 2001. Its role is to encourage...
    650 Words | 3 Pages
  • Indian and International Accounting Standards
    Indian and International Accounting Standards & Practices Introduction: Accounting Standards are used as one of the main compulsory regulatory mechanisms for preparation of general-purpose financial reports and subsequent audit of the same, in almost all countries of the world. Accounting standards are concerned with the system of measurement and disclosure rules for preparation and presentation of financials statements. They appear with a set of authoritative statements of how particular...
    2,733 Words | 9 Pages
  • International Accounting Standards - 1333 Words
    International Accounting Standards What is the International Accounting Standards Board? This paper will give a brief overview on the history of the International Accounting Standards, starting with the role of the IASC Foundation, the structure of the IASB and the number of accounting standards currently published. Next, it will explain the steps in creating an international accounting standard in accordance with due process and it will show the mailing address and phone number. Lastly, there...
    1,333 Words | 4 Pages
  • asignment on financial accounting standards
    Financial Accounting Theory (BBAC502) Group Assignment (Group of Four) 25% (Due Session 5.2) “Australia has long recognised that its accounting standards need to be harmonised with standards elsewhere in the world. To ensure consistent application of IFRSs, CLERP No. 9 recommended that Australia adopt, from January 2005, official interpretations of IFRSs issued by the IASB’s International Financial Reporting Interpretations Committee (IFRIC). As noted by CLERP No. 9, the...
    1,116 Words | 8 Pages
  • Regulatory framework for financial reporting
     Regulatory framework for financial reporting Introduction In the next couple of pages the author will firstly discuss the main advantages of the crossroad growing adoption of IFRS, and how does it particularly benefit investors and managers. The author will also be discussing the most significant challenges of the adoption and expansion of the IFRS in the future. Further more the author will, suggest how the IASB and its key constituents should face these challenges and overcome them....
    1,485 Words | 5 Pages
  • Intrnational Financial Accounting Standards
    ROLE OF ‘IASB’ IASB replaced the old regime of International Accounting Standards Committee (IASC) in standard setting. The IASC was issuing International Accounting Standards (IAS). So far there were forty one IAS which had been issue before IASB replaced IASC in 2001. As one of the major weaknesses of IASC was that the standards it was issuing contained many objectives thereby defeating the purpose of consistency in recognition, measurement and presentation of transactions. IASB intends to...
    1,431 Words | 5 Pages
  • Financial Accounting and Accounting Standards
    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...
    2,944 Words | 30 Pages
  • International Accounting Standards - 472 Words
    The International Accounting Standard Committee (IASC) came into existence on June 29 1973 when sixteen accounting bodies from nine nations (designated as founder members) signed the agreement and constitution for its formation with headquarters at London. The objective of the committee is "to formulate and publish in the public interest standards to be observed in the presentation of audited financial statements and to promote their worldwide acceptance and observance". This would...
    472 Words | 2 Pages
  • The International Convergence of Accounting Standards
    ACC 525: International Accounting 22 January 2014 The International Convergence of Accounting Standards This paper will analyze the joint efforts of FASB and IASB to converge the IFRS and U.S. GAAP accounting protocol. With the continued expansion of multinational corporations and the success of smaller national firms making the leap into international waters, the differences between GAAP and IFRS are more profound than ever. We will begin with a brief history of the convergence efforts, and...
    4,131 Words | 11 Pages
  • International Financial Accounting - 155768 Words
    1457 www.ebooks2000.blogspot.com S T U D Y PAPER F3 FINANCIAL ACCOUNTING (INTERNATIONAL) In this edition, approved by ACCA We discuss the best strategies for studying for ACCA exams We highlight the most important elements in the syllabus and the key skills you will need We signpost how each chapter links to the syllabus and the study guide We provide lots of exam focus points demonstrating what the examiner will want you to do We emphasise key points in regular fast forward...
    155,768 Words | 636 Pages
  • Us Accounting Standards vs. International Accounting Standards
    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...
    1,751 Words | 5 Pages
  • The Conceptual Framework for Financial Reporting 2011
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