| Convergence | Acc304 | | Home | 5/22/2011 | This report will discuss the convergence of IFRS and GAAP‚ it will cover some of the similarities and differences between the two‚ go over risk for companies as well as ways for companies to prepare. | IFRS and GAAP and what convergence means. In financial surprise accounting the objective for financial reporting are to provide useful information for potential investors and creditors‚ assessing cash flow‚ and about claims and changes
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between fully converging or partially converging with the international financial reporting standards (IFRS) with their “Made in Canada” (Canadian Institute of Chartered Accountants [CICA]‚ 2006) generally accepted accounting practice (GAAP)‚ Canada would lie very close‚ if not on the line of convergence. Over the past few years‚ before the consideration of IFRS and leading up to the full convergence of it‚ Canada’s GAAP has been a ‘no mans land’ (Martin‚ 2009). It was becoming vastly foreign to the
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BP IFRS (Name) (Institutional Affiliation) Introduction Impact of any change in the business environment is always felt on the processes and procedures into place. In the past few years‚ overall business environment has gone tremendous ups and downs. During the last two decades‚ multinational companies have grown like they had never done ever in the history. Nations like India and China which have great population and market potential but were earlier following socialistic
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AbstractThis essay tracks broadcast television from its beginnings to the digital age of convergence. After taking over radio’s popularity‚ television went through many shapes and forms over the decades to come. Interactive television and the inclusion of the audience brought a whole new aspect to broadcast television. The format that includes amateur programming has lead to many new advances in the world of convergence and network programming. This has paved the way for the digital age‚ where the viewer
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Convergence: the oldest media forms‚ on the newest media channels. Models of mass communication 1) Linear model: Sender-message-mass media channel-(gatekeepers)-receivers. 2) Cultural approach: Individual cultural component‚ selective exposure‚ storytelling Four values of the modern period: 1) Working efficiently 2) Celebrating the individual 3) Believing in a rational order 4) Rejecting tradition/embracing progress Useful writing techniques: Effective communication
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Financial Reporting Standards). This report is about the evaluation of the convergence project to form a global standardized financial statement. IFRS is a set of international accounting standards stated how particular types of transactions should be reported in financial statements. However‚ U.S GAAP is a common set of accounting principles‚ standards and procedures that companies use to compile their financial statement. IFRS is issued by the International Accounting Standard Board (IASB) whereas
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5.13.205.60 Under the first approach in 5.13.205.40‚ management of Newco concludes that a business combination has occurred in which Newco is the acquirer (as the vehicle for the new shareholders). Accordingly‚ Newco applies IFRS 3 to the acquisition of both Y and Z. 5.13.205.70 Under the second approach in 5.13.205.40‚ the transaction is analysed as follows. • It is a business combination amongst entities under common control. • Newco chooses to apply book value accounting (see 5.13.50
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Lecture on IFRS 9 and 13 02/11/2011 – Wednesday IFRS 13 Reasons for Issuing IFRS 13: * To reduce complexity and improve consistency in application when measuring fair value. Previously‚ there was limited and sometimes conflicting guidance on how to measure fair value. * To enhance disclosures for fair value. IFRS 13 was issued as part of the response to global financial crisis. * Also it is part of the convergence project to reduce differences between IFRS and US GAAP. Introduction:
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Standards Boards “The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project” (University of Phoenix‚ 2013‚ p. 1). As a result‚ both Boards have agreed to meet a deadline of June 2011 for the convergence of the accounting guidelines to be complete. Understanding their history and their relationship can help students in the MSA program to get ready for the working environment. The
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1. What are the advantages/disadvantages for businesses implementing network convergence systems? Advantages- The biggest advantage is cost. In many buildings there is cabling‚ PBX equipment‚ telephones‚ equipment rooms‚ and staff to engineer‚ maintain‚ budget‚ plan‚ manage change‚ etc.‚ to support the voice infrastructure. Then there is cabling‚ routers‚ switches‚ computers‚ equipment rooms and staff to engineer‚ maintain‚ plan budgets‚ plan strategy‚ manage change‚ etc.‚ to support the data
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