History of IFRS During Second World War‚ international accounting standards began to grow due to the lack of knowledge in recording accounting and the increases of cross boarder capital flows in the market. Several accounting board had been formed for the purpose of development of accounting standards to make it readable‚ understandable and record in a proper way. All of these accounting boards and committee are using the same way to convergence which is harmonization instead of standardization
Premium International Financial Reporting Standards Financial statements
firstly gives the concept of fair value and its application environment‚ and then analyzes the fair value in the new standards specifically. Finally in combination with the concrete background in China‚ we put forward some advices on the carrying out of the fair value in the accounting practice. [Key words] Fair Value; China new accounting standard Since January 1‚ 2007‚ the China new accounting standards will become mandatory for listed Chinese enterprises. The adoption of the new China accounting
Premium Balance sheet International Financial Reporting Standards Generally Accepted Accounting Principles
VALUE DRIVERS: Quality: Total quality control is carried out using two basic principles: quality is built in at every stage and quality is continually improved. [2] Toyota has launched‚ unannounced‚ several low-profile initiatives‚ including a global computer data base to track vehicle repairs and cut reporting times about customer complaints from months to days [1] No matter where Toyota vehicles are made‚ they must have the same high level of quality. Toyota doesn’t put a label on vehicles
Premium Toyota Hybrid electric vehicle Lexus
Comparing IFRS to GAAP Fair value accounting‚ sometimes known as mark to market accounting‚ has been around for many years and has applied to many types of assets and liabilities accounts. But‚ special attention has been placed on fair value reporting due to expanding use( or misuse) of financial instruments. FASB and IASB have issued exposure drafts focused on differences between international and U.S. Generally accepted accounting principles with respect to fair value accounting. Different
Premium Generally Accepted Accounting Principles Balance sheet Asset
GAAP and IFRS There are differences that exist between the US GAAP and IFRS (International GAAP)‚ nonetheless right now there is a convergence project existing between the FASB and the IASB‚ which issue these GAAPs in that order to narrow down the differences between the two. This is so that there are no misinterpretations when using either GAAPs. With that mentioned‚ the following differences exist between the US GAAP and IFRS (International GAAP). Inventory Measurement GAAP clarifies that
Premium International Financial Reporting Standards Generally Accepted Accounting Principles
Whatever GAAP or IFRS‚ there are the rules accounts has to be followed. GAAP is an accepted set of rules‚ conventions‚ the standard framework of guidelines and procedures for reporting financial information‚ as defined by the Financial Accounting Standards Board. “It includes the standards‚ conventions‚ and rules accountants follow in recording and summarizing transactions‚ and in the preparation of financial statements” (American Institute of Certified Public Accountants‚ website). GAAP include
Premium International Financial Reporting Standards Financial statements Balance sheet
March 2012 International Accounting Standards Board A Guide to the IFRS for SMEs What is the IFRS for SMEs? The International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs) is a set of high quality financial reporting principles that is tailored for the capabilities of smaller businesses and for the needs of those who use small company financial statements. A global standard for SMEs The IFRS for SMEs is a self-contained‚ globally recognised‚ standard of 230 pages
Premium International Financial Reporting Standards International Accounting Standards Board Financial Accounting Standards Board
more and more important for foreign companies. History According to historical report‚ the word “accounting” first appeared in 1100 B.C. in China. The duty for an accountant at that time was quite simple‚ nothing more than to calculate costs‚ revenue‚ and income daily‚ monthly and annually. After the founding of the new People’s Republic of China‚ with the influence of Soviet model‚ China created their own accounting system that followed the Soviet model to adopt their national circumstances
Premium Financial statements International Financial Reporting Standards
to do so. Currently‚ I am most interested on the hot debate over “fair-value accounting” vs. “historical cost.” This debate causes trouble to the SFAC #2 Qualitative Characteristics of Accounting Information. In fact‚ this debate is really over “relevance” vs. “reliability”. Fair-value accounting is argued to be relevant‚ whereas historical cost accounting is argued to be reliable. Fair -Value Accounting Pros: Fair-value accounting provides relevant information‚ capable of making a difference
Premium
These days‚ I’ve read a book named Vanity Fair and learned a lot from it. In essence‚ vanity itself is neither right nor wrong. However‚ when we are motivated by our desires‚ we are likely to keep some problems in perspective. In the beginning‚ we set the wrong goals which we actually don’t like and choose the wrong way which are against our wills. That is because we don’t have a good understanding of ourselves and we don’t know what we do want. As far as I’m concerned‚ we should not attach too much
Premium Marriage