This website uses cookies to ensure you have the best experience. Learn more

Ifrs Essay

344 words - 2 pages

The mission and goal of IASB was to provide a sustainable framework in that members of different nations can follow called the IFRS. IFRS is presented to profit-oriented entities whiter private or public; which is the development of a single set of high quality, understandable and enforceable global accounting standards. In doing so, financial reporting will be leveled, and international transactions as well as investors can assure their decisions and provide statements under fair value measurement. The collaboration of FASB and ...view middle of the document...

Since the SEC is main commander in this decision it has provided a roadmap in allowing US companies to begin using IFRS framework in preparing financial statements. There hasn't been a specific launch date, but it was mentioned that by 2015; the convergence should be finalized.
As business continue going global and relations with other countries are essential for our world economy; financial reporting and the adoptiion of a single set of accounting standards becomes overwhelming. There is clearly a need for a set international reporting standards, a way to facilitate global transactions; global differences can have a tremendous economic impact. Which is why IFRS and FASB are working together to organize the convergence of GAAP to IFRS. The SEC specifies the importance of the convergence,

The SEC supports the convergence as stating the advantages obtained by investors as well as management. By converting to set of global standards that all major capital markets can follow, Investors can have more access to different markets, therefore proving more capital, which in return will benefit our economy.

Other Papers Like Ifrs

Rules Vs Principal Bassed Accounting Standards

1970 words - 8 pages how a company should approach their accounting needs. The United States continues its discussion about whether to change from the U.S. Generally Accepted Accounting Principles (U.S. GAAP) to the International Financial Reporting Standards (IFRS) and with the recent accounting scandals, the debate has become a heated topic. The key issues of the argument relates to a variety of moral issues and cost of transitioning from GAAP to IFRS. The question

Case Essay

2508 words - 11 pages Globalization of Accounting: GAAP and IFRS by Michael Jamgochian Will the United States ever switch to the Metric System? Will there ever be a global currency? Will GAAP ever be trumped by IFRS? These are all valid questions when speaking about the globalization of the United States at large. It seems as though the United States holds dear its standard methods of measurement. When making a calculation, whether it is units of measurement or financial

Accounting

2566 words - 11 pages IFRS AT A GLANCE IFRS 13 Fair Value Measurement As at 1 January 2014 IFRS 13 Fair Value Measurement Page 1 of 2 Effective Date Periods beginning on or after 1 January 2013 SCOPE AND SCOPE EXEMPTIONS IFRS 13 applies when another IFRS requires or permits fair value measurements (both initial and subsequent) or disclosures about fair value measurements, except as detailed below: Exemption from both measurement and disclosure

Solvgen Case

612 words - 3 pages milestone payment should be evaluated separately to determine whether the milestone is substantive. It’s contingent upon achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. Policies for recognizing deliverable consideration can be applied consistently to similar deliverables or units of accounting (ASC 605-25-05). The answer would not change under the IFRS because it would be the same methods that

Accounting

9328 words - 38 pages variation in permitted accounting methods. Disclosure of the accounting method was emphasized instead of forcing compliance with a particular model. Major international players such as the United States, Japan, and various European nations were not forced to change Issues in Accounting Education, November 2007 China Eastern Airlines: PRC Accounting Standards, IFRS, or U.S. GAAP? 687 their domestic standards to be in compliance with an

Accounting Standards Boards

769 words - 4 pages IASB who has been around since 2001 has issued eight standards regarding business combination and share-based payments. When the IASB took over the IASC position they amended or either superseded the forty IAS that were written by the IASC. The IASB and FASB has amended the OCI (other comprehensive income) for companies to group together the profit or lost statement. This would be related to the IFRS 10 Consolidated Financial Statements, IFRS 11

Finance

715 words - 3 pages called as useful information. Kingfisher shows its all the financial information in relevant sections of statements and follows the IFRS standard for full disclosure of assets and liabilities and fair value measurement. If it will show a booming profit through designing the accounts by their own wish or if it will focus more on the company’s short term profit and give less focus or a partial projection on the company’s heavy liabilities, then the

Fdgfgfdg

7130 words - 29 pages asset/liability approach to accounting standard setting. LO1–11 Discuss the primary differences between U.S. GAAP and IFRS with respect to the development of accounting standards and the conceptual framework underlying accounting standards. Lecture Outline Part A: Financial Accounting Environment I. The Function and Primary Purpose of Financial Accounting A. There are a number of financial information supplier groups as well as several

M & M Assignment

2176 words - 9 pages eliminated, it will make the chaos of market, because misleading often happens. Exercise 7-9 Adoption of IFRSs Introduction The purpose of this essay is to prove that the SEC should support adoption of IFRSs. IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB). Two major topics make up the report: 1) the background of adoption 2) Advantages and disadvantages if the SEC support adoption The

Howssdat

495 words - 2 pages System (with an emphasis on IFRS) B. Analysis of Principal Financial Statements C. Financial Reporting Quality D. Analysis of Inventories and Long-Lived Assets E. Analysis of Taxes F. Analysis of Debt G. Analysis of Off-Balance-Sheet Assets and Liabilities H. Analysis of Pensions, Stock Compensation, and Other Employee Benefits I. Analysis of Inter-Corporate Investments J. Analysis of Business Combinations K. Analysis of Global Operations

Leases

648 words - 3 pages Lessee Ltd leased equipment from Lessor Inc. Lessee Ltd. applied IFRS. The accounting treatment for this lease requires an analysis of several factors. We have received analysis from two accountants. Each analysis is incorrect. Our objective is to determine the proper accounting treatment for the lease. 1. Was the junior accountant’s analysis correct? Why or why not? The junior accountant has opinioned that the lease is an operating lease

Related Essays

Ifrs 13 Summary Essay

302 words - 2 pages IFRS 13 Summary: Differences between IFRS 13 and Topic 820 under US GAAP •Largely consistent with Topic 820. •IFRS 13 goes further than US GAAP by requiring a quantitative sensitivity analysis disclosure for Level 3 financial instruments that are measured at fair value •IFRS 13 does not currently provide guidance on Investment Company accounting. Topic 820 provides guidance on investment company accounting •Minor wording and styling

Gaap V Ifrs Essay

359 words - 2 pages Presentation Differences between US GAAP and IFRS The following represents a partial list of differences related to the Presentation of the Balance Sheet and Income Statement between US GAAP and IFRS (keep in mind that Presentation differences do not give rise to differences in financial results; they are merely different ways to present the same data): Statement Affected | Issue | US GAAP | IFRS | Income Statement | Basic presentation

Ippa Essay

705 words - 3 pages Comparing IFRS to GAAP Paper Ashley Connors ACC/290 Sharon Powers Comparing IFRS to GAAP Paper The comparison between the IFRS and GAAP and how they differ from one another. The accounting industry has many guidelines that need to be followed by accountants, analysts, and organizations. The internal Accounting Standards Board issued standards (IFRS) that have been adopted by the United States and several countries out of the U.S. In

Differences In Financial Reporting Practices

815 words - 4 pages The basic cause of international difference in financial reporting practice is the different degree of interference by governments in accounting. It is understood that “International Financial Reporting Standards (IFRS)” has been adopted in many countries around the world, as a minimum for the companies that are obliged for financial reporting. IFRS has been implemented in nearly one hundred and fifteen countries around the world, whilst