EU countries have four options: require or permit IFRSs in parent company financial statements; require or permit IFRSs for unlisted companies; permit companies that are listed on exchanges outside of the EU and that currently prepare their primary financial statements using a non-EU GAAP to delay IFRS adoption to 2007; permit companies whose only listed securities are debt securities to delay IFRS adoption to 2007 (United Kingdom).…
4. Would your answers to the the question 1, 2, and 3 change under IFRS? Explain your answer supported by the reference from IFRSs.…
Q 10 - Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP include all of the following except:…
The FASB intends to analyze each of the differences within the scope and either (1) amend applicable U.S. GAAP literature to reduce or eliminate the difference or (2) communicate to the IASB the Board’s rationale for electing not to change U.S. GAAP. Concurrently, the IASB will review IFRS and make similar determinations of whether to amend applicable IFRS or communicate its rationale to the FASB for electing not to change the IASB’s GAAP (Schroeder, Clark, & Cathey, 2011). A couple of the issues the FASB and IFRS are currently working on include…
IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.…
E&Y. (2006, Sept). Ernst and Young- Observations on the implementation of IFRS. Retrieved from www.swisco.ch/swisco5/seminaires/ifrs/200609_EY_Observations_on_IFRS.pdf…
Implementation of the new accounting standards is a complex process and it requires time and effort, however switching to IFRS could be beneficial to your company. In this memo we would like to address the costs and benefits of switching from U.S GAAP to IFRS. We will also analyze the impact that the change would have on Bessrawl’s financial statements.…
fair, orderly, and efficient markets; and facilitating capital formation. The SEC will continue to evaluate, through 2011, whether to incorporate IFRS into the financial reporting system for U.S. issuers; if it does proceed, the first time U.S. firms would report using IFRS would be no…
This paper was prepared for managers and business owners who are concerned about the possible U.S. adoption of IFRS, and its effects on financial reporting and other effected areas.…
The FASB takes an interest effectively in the improvement of IFRS, giving info on IASB ventures through the IASB's Accounting Standards Advisory Forum (ASAF) and through different means. The FASB adds to the improvement of IFRS by sharing perspectives in light of its past experience or created through the FASB's expected procedure, partner effort, examination, and thoughts. We trust our endeavors to enhance GAAP advantage from the global viewpoints increased through our cooperations with the IASB.…
In 2001, the IASC was replaced by the IASB “(Schroeder, Clark, & Cathey, 2011, p. 82). The IASB wants to formulate and publish accounting standards and to promote them globally. The IASB currently consists of 15 individuals appointed by the trustees. The membership is based on the technical expertise. “On December 17, 2003, the IASB published 13 revised International Accounting Standards (IASs), reissued two others, and gave notice of the withdrawal of its standard on price level accounting. The revised and reissued standards mark the near completion of the IASB’s Improvements Project “(Schroeder, Clark, & Cathey, 2011, p.…
For private entities, the AsCB has presented three options: A top-down approach based on IFRS for public entities; adoption of the IFRS-SME with or without modifications; an independently developed set of standards. There are many pros and cons of each of the options and all three entail significant changes and would require different implementation times for a smooth transition.…
International Accounting Standards Board (IASB), which was created in 200l. Previously, the International Accounting Standards Committee (IASC), founded in 1973, issued International…
“The FASB’s mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information”(Schroeder et al., 2011, p. 9). The International Accounting Standards Board (IASB) which is an independent private sector body; was formed in 1973 for the purpose of simplifying the process of international business’s financial reporting and to harmonize and coordinate the countries engaged in setting accounting standards. “The goal of the FASB’s Short term International Convergence Project is to remove a variety of individual differences between U.S. GAAP and the International Financial Reporting Standards (IFRS) that are not within the scope of other major projects”(Schroeder et al., 2011, p.…
Minor detail#2: The adoption of IFRS in replacement of GAAP will lead to changes in the accounting system of companies and review of the financial reports. Although it seems that the adoption will make works more complicated, many believe that this will be beneficial since it will make the comparison of one company to another easily. Even if GAAP are accurate, most of the times, they are very detailed which make them hard to analyze (Foster, n.d.).…