ACCOUNTING IN CHINA 1. Introduction • China’s rapid economic growth in the past two decades has amazed the rest of the world. • With China’s accession to the WTO‚ business activities with and within China will further expand. • China fully understands that a sound financial reporting system plays a key role in the process of economic development. • The Chinese Ministry of Finance (MoF)‚ who has the responsibility for regulating accounting matters in China‚ has set itself
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Introduction IFRS in India Objectives of IFRS Scope of IFRS Does India need IFRS Standards ? Company profile [ JSW Steel Ltd. ] Data of collection Data Analysis Limitation of the study Methodology Conclusions and Recommendations Bibliography ABBREVIATIONS USED D ADS: American Depository Share CBDT: Central Board of Direct Taxes (of India) FASB: Financial Accounting Standards Board (of the USA) FCCB: Foreign Currency Convertible Bond FIFO: First in‚ first
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internationally uniform accounting standards. In the fourth section‚ I compare the accounting differences between U.S. GAAP and IFRS. In the fifth section‚ I explain the advantages of accounting convergence for U.S. investors in depth. In the sixth section‚ I discuss certain potential IFRS implementation issues and its effect on investors. At last‚ I conclude the whole paper. 2. The background of IFRS International Financial Reporting Standards (IFRS) are accounting standards‚ interpretations
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Bangladesh. It is silent about either Bangladesh Financial Reporting Standards (BFRS/BAS) or International Financial Reporting Standards (IASs/IFRSs). o Listed companies. The Securities and Exchange Commission of Bangladesh regulates financial reporting by listed companies. SER 1987 requires compliance with IASs/IFRSs as adopted in Bangladesh (these are known as Bangladesh Financial Reporting Standards and include Bangladesh Accounting Standards). o Banks. The Bank Company Act of 1991 mandates reporting
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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.
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The IASB (International Accounting Standards Board) is the standards-setting body that functions within the IFRS (International Financial Reporting Standards).The 15 members are responsible for the development of the IFRSs‚ including the IRFS and SMEs (small and medium-sized entities) and for approving interpretations of IFRSs as developed by the IFRS interpretations committee. Through extensive outreach activities and input into standards-setting from stakeholders‚ IASB is able to do the necessary
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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
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identified as a topic of study because of the massive rise in international joint ventures during the business globalization and because of the different joint venture accounting practices across countries. The increasing trend to produce financial statements which are free from errors and misstatements lead to the competitiveness of various firms when it comes to abiding with the proper disclosures set forth by the International Accounting Standard. These disclosures requirements are designed to guide different
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125 - 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
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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
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