generally accepted accounting principles (GAAP) differ from those in International Financial Reporting Standards (IFRSs); the former consists of broad concepts whereas IFRSs contain fewer standards‚ but applying the two main standards to complex transactions were difficult and needed improvement (Australian Accounting Standards Board‚ 2010). Accordingly‚ the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) initiated a joint project to clarify the revenue
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MGT 4045 / 6045 ARTICLE WRITE-UP #8 – TAB K READINGS (IFRS & CONVERGENCE) WRITE-UP DUE: Thursday‚ 10/28/10 1. Explain the rationale for the global harmonization of financial reporting and disclosure requirements. -Make the financial statement more comparable across the global market so investors can invest their capital in more efficient comparable. 2. Identify two groups that are exerting pressure for pursuing global harmonization. How do these two groups stand to benefit from harmonization
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and list on the Swiss Exchange s New Market: a. Ease of raising capital (point 3). The Swiss Exchange s New Market has simple listing requirements designed to appeal to small companies. The contrast with the complex‚ detailed listing and reporting requirements in the United States is striking. b. Availability of capital (point 4). Switzerland has a large‚ well-developed capital market. c. Reputation of the exchange (point 5). The Swiss Exchange is well known for providing
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comes to financial reporting. When one compare the accounting standards years ago to what is seen today‚ it’s shown that investors tolerated a great deal. As the markets are becoming global‚ investors are choosing the better global accounting standards that are available to them. For this reason‚ this paper will point out the International Financial Reporting Standards (IFRS) and the US GAAP within the oil and natural gas industry. By definition “International Financial Reporting Standards (IFRS)
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this essay we discuss the development and adoption of the International Financial Reporting Standards (IFRS) in the Republic of Bulgaria. Most of the characteristics and features apply not only to this country‚ but also to most developing economies in Europe. The IFRS are a set of standards which imply rules‚ methods and governance for reporting and interpreting financial data. The purpose of the IFRS is to develop a set of universal standards to be applied and comprehended worldwide‚ in order to achieve
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Accounting. In this course‚ students apply accounting research tools to current accounting issues. Other topics include research of accounting questions related to inventory‚ fixed assets‚ leases‚ derivative instruments‚ debt‚ contingencies‚ segment reporting‚ pensions‚ business combinations‚ consolidations‚ stockholder’s equity‚ and a program overview. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two
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Conceptual and regulatory framework Contents Introduction Examination context Topic List 1 Financial statements 2 Purpose and use of financial statements 3 Bases of accounting 4 The IASB Framework 5 International Accounting Standards Committee Foundation (IASCF) 6 International Financial Reporting Standards (IFRS) 7 Inherent limitations of financial statements 8 Not-for-profit entities Summary and Self-test Technical reference Answers to Self-test
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Statement of Financial Accounting Concepts No. 8 September 2010 Conceptual Framework for Financial Reporting Chapter 1‚ The Objective of General Purpose Financial Reporting‚ and Chapter 3‚ Qualitative Characteristics of Useful Financial Information a replacement of FASB Concepts Statements No. 1 and No. 2 Copyright © 2010 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced‚ stored in a retrieval system‚ or
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wild ride ahead The energy and resources industry can expect a wild ride in coming years as the standard-setters turn their attention to this sector. Story Debbie Smith CA The energy and resources sector‚ despite its status as a globally important industry‚ has received little specific attention over the years from the standard-setters. Recent proposals from the International Accounting Standards Board (IASB)‚ its interpretations committee (IFRIC)‚ and even the Australian Government are making
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Chapter 1 – Introduction to Financial Accounting Learning Objectives: After studying Chapter 1‚ you should be able to * Discuss the different classifications of financial transactions * Define an equity investor and a debt investor and understand the difference * Discuss the role of the Securities and Exchange Commission * Name the Big Four accounting firms and define the term “independent auditor” * Define corporate governance * Discuss GAAP and IFRS and the concept of
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