nearly 120 countries require or permit the use of IFRS. – Notably‚ some significant economies have not yet (fully) adopted IFRS: for example‚ Japan‚ China‚ and the U.S. – Some countries have adopted IFRS but retained their national standard setters‚ and reserve the right to carve out guidance they do not want to adopt. © Cambridge Business Publishers‚ 2014 3 The IFRS Foundation • Organization of the IFRS Foundation – IFRS Foundation Trustees – IFRS Foundation Monitoring Board • Comprises representatives
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According to historical report‚ the word “accounting” first appeared in 1100 B.C. in China. The duty for an accountant at that time was quite simple‚ nothing more than to calculate costs‚ revenue‚ and income daily‚ monthly and annually. After the founding of the new People’s Republic of China‚ with the influence of Soviet model‚ China created their own accounting system that followed the Soviet model to adopt their national circumstances at that time. But since the implementation of the
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Comparing IFRS to GAAP Craig Ronquillo ACC/291 8 December‚ 2014 Joseph Bailey Comparing IFRS to GAAP I will be comparing IFRS to GAAP‚ and be discussing many ways these two get along with each other and see what they do differently as well‚ they both have their ways of doing things which are easier but sometime even harder. IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed
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Sequences and Convergence Let x1 ‚ x2 ‚ ...‚ xn ‚ ... denote an infinite sequence of elements of a metric space (S‚ d). We use {xn }∞ n=1 (or simply {xn }) to denote such a sequence. Definition 1 Consider x0 ∈ S. We say that the sequence {xn } converges to x0 when n tends to infinity iff: For all > 0‚ there exists N ∈ N such that for all n > N ‚ d(xn ‚ x0 ) < We denote this convergence by lim xn = x0 or simply xn −→ x0 . n→∞ Example 2 Consider the sequence {xn } in R‚ defined by xn = n1 . Then xn
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Convergence is defined as the interlinking of computing and other information technologies‚ media content‚ and communication networks that have arisen as a result of the evolution and popularization of the internet as well as the activities‚ products and services that have emerged in the digital media space. Convergence is loosely defined as the occurrence of two or more things coming together to eventually meet and or in which old and new intersects or builds upon. Although for the consumer convergence
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independent private sector body that develops and approves international financial reporting standards. These two have been working toward the same goal since they were formed. Today the IASB and the FASB are working on a joint venture referred to as the Convergence Project. IASB was formed in 1973 under the name International Accounting Standards Committee. Its mission was to formulate and publish in the public interest basic standards to be observed in the presentation of audited accounts and financial
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Same as other developing countries‚ there is no doubt that China has to adopt IFRS. However‚ it is not easy for such a centralized communist country to fully obtain the standards. This case study is going to explain the difficulties of obtain the IFRS‚ and the major reasons of adopting IFRS also will be discussed. According to Ramanna and Sletten (2010)‚ more powerful countries are less likely to harmonized IFRS‚ due to powerful countries’ unwillingness to forgo their standard-setting power to
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Running head: IFRS IFRS: A Review of the Literature Intermediate Accounting III (10089) Abstract Due to the global integration of business and finance throughout the world‚ approximately 113 countries have adopted or are working on convergence with IFRS. This paper is a look at the history and an examination of where IFRS stands internationally and with the United States. For several decades the industrialized world has been working toward an international set of accounting standards.
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In “The Convergence of the Twain” the author uses many poetic touches such as anthropomorphism‚ antithesis‚ metaphors‚ irony‚ and tragedy to explain the speaker’s attitude towards the sinking of the ship. The speaker/author right away takes time to personify the ship in the title; ‘The Convergence of the Twain’ means the coming together of the two‚ as in marriage. This shows a connection to the ship rather than writing ‘the ship sunk.’ The author/speaker also takes the time to foreshadow the tragedy
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Ernst & Young IFRS Core Tools October 2011 IFRS Update for ÔfYf[aYd q]Yj ]f\af_ +) JK ) af l`] Õjkl q]Yj g^ Yhhda[Ylagf& To achieve this‚ the transitional provisions in IFRS 7 were amended to clarify that the disclosures need not be provided for: Annual or interim periods‚ including any statement of ÕfYf[aYd hgkalagf$ hj]k]fl]\ oal` Yf YffmYd [gehYjYlan] h]jag\ ]f\af_ Z]^gj] +) JA; )1 oadd j]kmdl af Y _Yaf j][g_fak]\ af hjgÕl or loss as the fair value of the equity issued will often
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