1 - 10 of 500
The Benefits of Adopting International Financial Reporting Standards (IFRS) In The United States by Michelle Minor Accounting 203 5/20/09 Most people believe that the conversion from each country’s GAAP to IFRS is inevitable, though there is nothing conclusive of how effective or successful this would be. In short, making the switch to IFRS is a great leap of faith by all who participate. Ideally IFRS is designed to be used by all companies worldwide, which is highly unlikely unless they...
Premium Generally Accepted Accounting Principles, Financial Accounting Standards Board, International Financial Reporting Standards 1698 Words | 5 Pages
Open Documentstudy on Evolution of International Financial Reporting Standards (IFRS) HARITIKA CHHATWAL Objective Accounting is the systematic measurement and recording of financial information used for decision-making, coordination, or control in an organisation. In broader perspective the financial information has to be more read as “quantitative information" rather than just merely "financial information" as the measurement and use of "non-financial information" has emerged...
Premium Financial statements, International Accounting Standards, Finance 671 Words | 3 Pages
Open DocumentThe development in international trade and capital flows that has occurred over the previous two decades has increased the desire to harmonise accounting standards across the globe. The appeal of international accounting harmonization has been extensively discussed. Numerous academics Ali, J M (2005), Adhikari and Tondkar (1992), Saudagaran (1997) argue that adopting International Financial Reporing Standards (IFRS) would bring great benefits to society, such as comparability of statements between...
Premium Multinational corporation, Balance sheet, Investment 1053 Words | 5 Pages
Open DocumentWhat is financial reporting? The traditional function of financial reporting was to provide business owners with information about the companies that they owned and operated. Once the delegation of managerial responsibilities to hired personnel became a common practice, financial reporting began to focus on stewardship—that is, on the managers’ accountability to the owners. Its purpose then was to document how effectively the owners’ assets were managed, in terms of both capital preservation and...
Premium Financial statements, Income statement, Financial Accounting Standards Board 607 Words | 3 Pages
Open DocumentAccounting Standards Produce Uniform Financial Reporting’ Inro Why is the question important? In an increasingly interconnected world, the operations of international corporations are transnational. In addition, more and more investing takes place on a global level. Historically, different countries have developed their own national accounting standards. Before the introduction of the IFRS, the accounting principles of neighbouring countries were similar in many respects but used different financial reporting...
Premium Finance, Common law, International Accounting Standards Board 1549 Words | 5 Pages
Open Documentthe phrases “accounting standards” and “financial reporting” refer to. Accounting standards refer to the accounting methods used in an accounting system like the IFRS. Financial reporting refers to the representation of financial information, in order to be uniform the financial reporting must be based on a fixed set of rules, invole complete objectivity and no bias. The IFRS (International financial reporting standards) has indeed helped the uniformity of financial reporting. However, in some cases...
Premium Balance sheet, Inventory, Costs 1066 Words | 5 Pages
Open Documentsame standards to prepare their financial statements can be compared to each other more accurately. This is especially important when comparing companies located in different countries, as they might otherwise be using different rules and methodologies to prepare their statements. This increase in comparability has helped investors better determine where their investment dollars should go. Not Globally Accepted The United States has not yet adopted International Financial Reporting Standards and...
Premium Financial statements, International Accounting Standards Board, Financial Accounting Standards Board 1610 Words | 7 Pages
Open DocumentAccounting Principles At the completion of the Darby Department Store audit, the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles,” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report. (Do not in this part discuss the significance...
Premium Accounting Principles Board, Auditor's report, International Financial Reporting Standards 612 Words | 3 Pages
Open DocumentAccounting Standards Boards University of Phoenix Accounting Theory and Research ACC541 The history of the Financial Accounting Standards Board and the International Accounting Standards Board The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are currently working together on a short-term international convergence project to remove a variety of individual differences between United States Generally Accepted Accounting Principles ( U...
Premium International Accounting Standards Board, Accountancy, Financial Accounting Standards Board 883 Words | 4 Pages
Open DocumentIn the last decade, various countries around the globe have shifted towards a uniform accounting standards or the International Financial Reporting Standards (IFRS). The main motive behind this movement is to come up with a global language for accounting which will be comparable and understandable beyond the borders of a nation. As of today about 120 countries require IFRS for domestically listed companies, although only about 90 countries have fully conformed to IFRS . While some argue that it is...
Premium International Accounting Standards Board, Gaap, U.S. Securities and Exchange Commission 793 Words | 3 Pages
Open Document