Department of Accounting and Finance‚ Western Delta University‚ Oghara‚ and Pat Donwa Department of Accounting‚ University of Benin‚ Benin City E-mail: anthonygaruba@yahoo.com Abstract Nigeria is going to adopt International Financial Reporting Standard (IFRS) from 1st January 2012. Globalization and Information and Communication Technology (ICT) has reduced the world to a global village. This has given rise to the continuous integration of the world economy and capital markets which has in turn given rise
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GLASGOW CALEDONIAN UNIVERSITY Department of Law‚ Economics‚ Accountancy & Risk BA (Hons) Accountancy Honours Dissertation – Year 2012/2013 Author: David Mcconnell Title: ‘A critical analysis into the convergence of IFRS and US GAAP in the United States’ “I declare that this dissertation is my own original work and has not been submitted elsewhere‚ wholly or partly‚ in the fulfilment of the requirements of this or any other award. Academic citation standards have been maintained and
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Financial Reporting under IFRS and US GAAP | | | University of Economics in Prague | | | Financial Reporting under IFRS and US GAAP | Property‚ Plant and Equipment Content Introduction - The companies 2 Specific Questions 5 Sources 19 Introduction - The companies AUTOMOTIVE INDUSTRY GENERAL MOTORS as representative of U.S. GAAP General Motors from the U.S. Detroit is‚ together with Toyota‚ the largest car manufacturer in the world. The company was established in 1908
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Differences Between GAAP and IFRS The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are working together to eliminate a variety of difference between the United States generally accepted accounting procedures (U.S. GAAP or GAAP) and International Financial Reporting Standards (IFRS). This convergence project grew out of an agreement reached by the two boards in 2002 (Deloitte‚ 2004). On February 24‚ the SEC unanimously agreed to publish a statement
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IFRS vs U.S. GAAP Victoria Harris American Public University Acct 610 There are two sets of accounting standards that are used worldwide. One is the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). There is a huge desire for there to one set of accounting standards worldwide with the increase of companies performing business in many different countries and global expansion. The International Financial Reporting Standards are issued
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accountable entities will cease to report under Canadian GAAP and instead use IFRS. This paper discusses three accounting topics to compare Canadian GAAP with IFRS. The three topics cover (1) conceptual framework‚ (2) property‚ plant and equipment‚ and (3) financial statement presentation. Conceptual Framework Both IFRS and Canadian GAAP are based on similar conceptual frameworks. Many of the basic concepts in IFRS (e.g.‚ the going concern assumption‚ accrual accounting) are similar to Canadian
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Needs of IFRS Education in India Prepared By Dr. Atul Bansal‚ Principal ‚M.Com.‚ LL.B.‚ PM&IR‚ M.B.A (Fin.)‚ Ph.D.‚ MIAA‚ MICA C.Z.Patel College of Business and Management (S.P.University )‚ Vallabh Vidya Nagar – 388120. Distt. Anand ( GUJARAT) Mobile : 09377023808 Fax : 02692-236700 e.mail : dr.atulbansal@gmail.com Introduction “In the age of globalization India insulates itself from development taking place worldwide and it is imperative for us to make a formal strategy for
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IFRS for Small And Medium Enterprises: How Is It Different And Is It necessary? Introduction To The IFRS For SMEs The IFRS (International Financial Reporting Standards) for SMEs is a self-contained standard of 230 pages‚ which was published on the 9th July 2009‚ designed to meet the needs and capabilities of small and medium-sized entities (SMEs)‚ which are estimated to account for over 95% of all businesses around the world. The standard is a result of a five year development process with
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versus IFRS Due to the controversy economies have had towards which method to use for accounting‚ there has been a compromise to converge the two most commonly used methods – GAAP and IFRS. However‚ these two methods are still very different. The convergence project has yet to be completed; in the meantime‚ more and more countries are running towards the IFRS since it is more reliable and relevant. The main difference between these two methods is the US GAAP is rule-based while the IFRS is principle-based;
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IFRS: ITS RELEVANCE‚ CHALLENGES AND BENEFITS. Dr. J.Bordoloi‚ Associate Professor‚ Haflong Govt. College bordoloijyotish27@gmail.com Ms. B.Bordoloi‚ Assistant Professor‚ Lakhimpur Commerce College bohnisikha.bordoloi@yahoo.com Key Words: Harmonize‚ Convergence‚ Comparability‚ Reliability‚ Credibility‚ Understandability. Abstract: The accounting standards are the ideal and standardized practice of accounting which aims to harmonize the accounting language. However the
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