136 IFRS Implementation in India: Opportunities and Challenges Pawan Jain1 One of the foremost requirements to operate a Business successfully is to have a good financial reporting system in place. Keeping this in mind‚ Accounting Professionals and Accounting Bodies across the globe‚ during last decade‚ had tried to put a financial reporting system in place which is harmonized‚ robust and have extensive applicability. IASB (formerly IASC) came out with IFRS which were adopted formally by members
Premium International Financial Reporting Standards Financial statements International Accounting Standards Board
conceptual framework in setting accounting standards Ian Dennis Business School Oxford Brookes University Abstract The paper examines the nature and role of a conceptual framework for financial reporting. Although much has been written about such frameworks and their purported role and the FASB and IASB are currently revising and converging their frameworks there are still questions about the kind of thing it is and how it is used in setting accounting standards. Using insights from the
Premium International Financial Reporting Standards Deductive reasoning Financial statements
increase in trade and communication. It is easier for people to do business across the world as the new technology allows this to be possible. The problem with this is that different countries have different ways of accounting standards‚ and therefore there is a problem on how to account standards. Hence‚ during the last years the debate on whether to use Fair presentation or the True and fair View is becoming a major concern. Fair presentation and the true and fair concept may seem as a similar concept
Premium International Financial Reporting Standards Financial statements International Accounting Standards Board
conceptual framework is a statement of theoretical principles that provides guidance for financial accounting and reporting. (Collins & Hussey‚ 2007). It therefore prescribes the nature‚ function and limits of financial accounting and financial statements. The IASB’s Framework for the preparation and presentation of financial statements sets out the concepts that underlie the preparation and presentation of financial statements that external users are likely to rely on when making economic decisions
Premium International Accounting Standards Board Standardization International Financial Reporting Standards
3101AFE Accounting Theory and Practice Seminar Questions for Seminars 1- 6: Semester 1 2015 SEMINAR 1 - Semester 1 2015 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 – Question 1.2: If you developed a theory to explain how a person’s cultural background influences how they prepare financial statements‚ would you have developed a positive theory or a normative theory? QUESTION 2 - Question 1.3: What is a conceptual framework‚ and would it be considered to be a positive
Premium International Financial Reporting Standards Balance sheet International Accounting Standards Board
Introduction This assignment features the recognition and measurement of revenue depending on the source of revenue in accordance with the provisions of International Accounting Standards (IAS) 18 Revenue. I researched the topic and defined the special purposes of the assignment: first of all‚ it is important to know the main concepts of IAS 18‚ also to learn the rules by using this particular regulatory framework‚ and to get knowledge about writing the report at all.
Premium International Financial Reporting Standards Financial statements Balance sheet
sentenced to 10 years. He had moved company cash into his personal bank account. Some of this was used to buy Polly Peck shares to keep the price up. In 2002 the accounting disciplinary body‚ the Joint Disciplinary Tribunal‚ fined Stoy Hayward £75‚000 for its role as group auditor to Polly Peck. Erdal & Co‚ the north Cypriot accounting firm was also fined for its audit of the north Cypriot subsidiaries of Polly Peck in 1988 and 1999. 2. Enron 2001 Massive fraud. AA helped to set up off balance
Premium Balance sheet Finance Bank of America
your reasoning. Ans. IASC had two declared aims: • Issuing standards • Promotion and observation of standard If evaluate the IASC success in issuing of standard then we can see that they published forty one standards and other publications including a conceptual frame work. In this area they have noticeable achievement. If we look into the IASC’s another objective of promoting and observing of standard then success varies from country to country. the IASC was mainly successful
Premium United Kingdom Multinational corporation Soviet Union
with endorsed International Accounting Standards from 2005 onwards. The IASB – International Accounting Standards Board‚ (Formerly IASC)‚ issued its Framework for the Preparation and Presentation of Financial Statements in 1989. This is referred to as its conceptual framework. The framework sets out the concepts that shape the preparation and presentation of financial statements for external users. The framework does not have the status of an accounting standard‚ as also is the case with the
Premium Balance sheet Financial statements Generally Accepted Accounting Principles
the movement of the finance lease disclosures from footnotes to the body of financial statemetns. I have chosen to examine a Japanese sample because I could obtain enough number of firms which were influenced by the change of accounting standard. The result showed that the market has not reacted on the average about having shifted to recognition from disclosure and the risk of specific industries was revised upward by standard revision. This means that investors were not able to foresee change of lessees’
Premium Lease Finance lease Asset