StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

International Financial Reporting Standards - Assignment Example

Cite this document
Summary
The author answer why International Financial Reporting is conversion to IFRS important for U.S. companies and what issues are involved in the conversion from GAAP to IFRS. The author also describes a framework for the preparation and presentation of financial statements. …
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.4% of users find it useful
International Financial Reporting Standards
Read Text Preview

Extract of sample "International Financial Reporting Standards"

Download file to see previous pages

More than 100 countries have formally accepted IFRS as the standards for preparing financial statements and to become compatible with each other. IFRS are issued by the International Accounting Standards Board (IASB), a private sector international body. In fact, IASB itself is a new body, which emerged on the international scene in the year 2001, by replacing the International Accounting Standard Committee (IASC). With the increasing acceptance of these standards around the world, it appears all the more necessary for multinational enterprises (MNE) and countries with a global presence, that they should adopt the IFRS in order to make their functioning more acceptable in these areas.

This will not only help the MNEs to save on their resources, but it will also help them in making use of similar modular and portable systems for accounting. There are many countries where the IFRS are not yet in use, but even in such countries, IFRS inspired standards are now being used. This helps in making the fullest use of the globalization and liberalization practices. Therefore it is in the interest of US companies that they should adopt the IFRS in all sincerity and make the best use of the available opportunities.

In fact, adopting uniform standards will also help in tracking financial irregularities and thinking of appropriate solutions. Key benefits of going for IFRS include; i. Streamlining of reporting of the financial health of the company ii. Cost reduction - as companies will be able to make standard packages iii. Consistency in operations and financial details iv. Comparison with international competitors becomes easier. v. Better opportunities for accessing capital markets 

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“International Financial Reporting Standards Assignment - 1”, n.d.)
International Financial Reporting Standards Assignment - 1. Retrieved from https://studentshare.org/finance-accounting/1524260-international-financial-reporting-standards-essay
(International Financial Reporting Standards Assignment - 1)
International Financial Reporting Standards Assignment - 1. https://studentshare.org/finance-accounting/1524260-international-financial-reporting-standards-essay.
“International Financial Reporting Standards Assignment - 1”, n.d. https://studentshare.org/finance-accounting/1524260-international-financial-reporting-standards-essay.
  • Cited: 1 times

CHECK THESE SAMPLES OF International Financial Reporting Standards

Slavery and the Founders and Literty in the Age of Jefferson

Even if the means of production in such valuable commodities as cotton and tobacco was mainly in the South, the financial and trading centers in the North profited nonetheless at second and third hand from this lucrative business.... This research study, Slavery and the Founders and Literty in the Age of Jefferson, declares that the birth of the American constitution on the one hand and the establishment of slavery as an institution on the other, are both two key but contradictory elements in early American history....
8 Pages (2000 words) Book Report/Review

International Oil Industry and the Organization of the Petroleum Exporting Countries

The objective of the report "international Oil Industry and the Organization of the Petroleum Exporting Countries" is to present a comprehensive overview of the oil market worldwide and particularly in the UK.... Furthermore, the report will analyze the activity of the OPEC.... hellip; Organization of the Petroleum Exporting Countries (OPEC) is a cartel aimed at coordinating and unifying the petroleum policies that govern the member countries in ensuring stabilization of the markets of the oil so that they secure an economic, efficient, and a constant supply of the petroleum to the consumers....
7 Pages (1750 words) Report

International Economic History since 1870

hellip; Bretton Woods conference that was held between July 1 and July 22 of 1944 at Bretton Woods( the USA) was attended by the representatives of more than forty countries and led to the creation of the Bretton Woods financial system.... nbsp; The plan of the new economic-financial system produced by the United Kingdom and the USA was aimed to remedy some imbalances of the pre-war economic-financial system of the gold standard.... nbsp;New mechanism devised by the countries provided for the system with fixed yet adjustable exchange rates; those countries that experienced payment deficits could borrow necessary funds from the created monetary fund, whereas the nations with the payment surpluses could lend funds; the agreement also envisaged the change of the exchange rates if the financial steps taken by the Governments were not able to resolve the problem of the payment deficits....
11 Pages (2750 words) Report

International realation

National sovereignty takes three perspectives that involves geopolitics, cosmopolitan and unclear international politics that define an economy.... Finally, the unclear international politics falls under the fight between state forces and cosmopolitanism.... international societies are any form of agreement of different political communities, which accept shared morals, guidelines, and institutions.... In European states, the term international societies meant political agreement in political situations....
5 Pages (1250 words) Book Report/Review

Network for International Travel Agency

This report "Network for international Travel Agency" presents the difference between the dynamic routing and static routing also a brief comparison of links-state routing protocol and distance vector routing protocol.... he design of this network implements the virtue connection international Travel Agency has a HQ in London and two remote sites in Paris and Rome.... his report is for the demonstration of network design for an international Travel Agency (ITA)....
10 Pages (2500 words) Report

International Workshop on Security Protocols

This report "international Workshop on Security Protocols" presents a sequence of operations that make sure data is protected.... They ensure the secure delivery of data between two parties when used with communication protocols.... They are a package of components that work together....
8 Pages (2000 words) Report

Helping International Students Understand Christians

This paper ''Helping international Students Understand Christians'' tells that the concept of 'Cultural Intelligence in Action' (CIA) is a procedure of managing the stress in relation to cultural shock, confusion and clashes that often arise from cultural differences.... hellip; As applied in this proposed project, aimed at generating the understanding of international students towards Christians, CIA can certainly assist in providing adequate education and learning services to the target audiences to develop an effective cross-cultural attitude....
8 Pages (2000 words) Report

Critique of Energy Politics Book by Brenda Shaffer

This paper presents a review and critique of the book “Energy Politics” by Brenda Shaffer itself while at the same time also explores as to what are some of the themes discussed in the book, how the message of the book actually interacts with the current policy on the energy… Expenses incurred on the construction of the pipelines, the time required as well as fluid nature of peace between these nations....
12 Pages (3000 words) Book Report/Review
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us