SYNTHESIS IFRS FOR SMEs (International Financial Reporting Standard for Small and Medium-sized Entities) INTRODUCTION 1.1 What is the objective of PFRS for SMEs? The objective of PFRS for SME is to develop a set of high quality‚ understandable and enforceable standards for SMEs. Which includes proper accounting practices for the preparation and presentation of financial statements that creates a common understanding between preparers and users of financial statements. PFRS for SME are
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Introduction China has more than 5000 years of history‚ and was a mysterious country to most occidental people. Because of the influence of the culture and history‚ China use to be closed to foreign countries until 1979. Chinese people have their own accounting rules that are totally different from occidental countries’ accounting rules. With the development of China’s economy and the implementation of the reform and opening policy‚ Chinese economic system became from planning economy
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Whatever GAAP or IFRS‚ there are the rules accounts has to be followed. GAAP is an accepted set of rules‚ conventions‚ the standard framework of guidelines and procedures for reporting financial information‚ as defined by the Financial Accounting Standards Board. “It includes the standards‚ conventions‚ and rules accountants follow in recording and summarizing transactions‚ and in the preparation of financial statements” (American Institute of Certified Public Accountants‚ website). GAAP include
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History of IFRS During Second World War‚ international accounting standards began to grow due to the lack of knowledge in recording accounting and the increases of cross boarder capital flows in the market. Several accounting board had been formed for the purpose of development of accounting standards to make it readable‚ understandable and record in a proper way. All of these accounting boards and committee are using the same way to convergence which is harmonization instead of standardization
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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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The Right Companion Sergio J Gudino Western Governors University Adopting a pet is a serious matter. I have been thinking about adopting a dog. Besides the fact that I have always wanted one‚ it will be a good addition to my home. Having a pet around will surely affect my daily routine‚ but it will also be beneficial to have a dog to keep me company. You and I are very much alike‚ so I really think that you should adopt a dog because it will provide you with at least three things that are worth
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Adopting a Healthy Lifestyle Kaplan University CM220-13 7/17/12 Healthy Living Every day the people in this nation zoom around in their busy lives. People cut corners to save time and often take the easy route in many tasks. Sometimes by cutting these corners‚ an impact can be made on the world around us and the people we love. Eating is just one of the many things that people forget to take care of. Food is the foundation to our bodies. Food is what keeps people going and fuels them to do
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United States to adopt IFRS. Do you think it is likely that the United States will embrace IFRS in the near term‚ and what do you think are the some of the factors that might discourage the country from adopting IFRS? Well‚ I think United States will not embrace IFRS in the near future as United States are now reliance on the accounting standards issue by the FASB rather than on the standards issued by the IASB. Unlike many countries‚ United States has not yet adopts the IFRS. Besides‚ the United
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South Africa and IFRS Jesse J. Case Assignment 2 November 7‚ 2014 Jones Kasonso Over the past decade there has been an increased push for the International Financial Reporting Standards (IFRS) in many countries around the world. Most countries are pushing for General Acceptance Accounting Practice (GAAP) that will be accepted internationally. At the present time over 130 countries and growing worldwide have adopted IFRS. Of that number include many countries in Africa. However‚ it
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prefer the adoption of IFRS principles because of its incompatibility with US Style Corporate Governance‚ its inefficiency compared to GAAP‚ and its inability to improve the present system. I. Introduction A. Current events about the topic (status quo) B. Definition of Generally Accepted Accounting Principles and International Financial Reporting Standards C. Thesis statement II. Body A. Major detail #1: The major difference between IFRS and GAAP is that IFRS requires more discretion
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