CHECK THESE SAMPLES OF International financial reporting standards (IFRS) - Presentation
...?Introduction International Financial Reporting Standards were implemented after the overall complexity of business organizations as well as the nature of accounting relatively changed. International Financial Reporting Standards (IFRS), therefore, have been considered as an effort by the world accounting governance bodies to ensure that uniform reporting standards are adapted across the whole world. Due to the globalization process, organizations have become truly global in nature with their presence in different countries of the world. However, due to...
8 Pages(2000 words)Dissertation
...? International Financial Reporting Standards (IFRS) International Financial Reporting Standards (IFRS) is a framework prepared to develop new rules for accounting and auditing. It was created to maintain a uniform global accounting and auditing policy for smooth functioning of the global financial markets. The US GAAP, (Generally accepted accounting principles) is another framework which is followed in many countries. This was created before IFRS. Though the purpose of creating these two frameworks is same but there are many differences...
3 Pages(750 words)Essay
...such as text books will have to be rewritten, and students will be required to learn the new principles. The time lost and costs incurred during the execution of the new standards may slow down the performance of the economy. Works Cited Ernst & Young. International GAAP 2012: Generally Accepted Accounting Practice under International Financial Reporting Standards. New York: John Wiley & Sons, 2012. Print. Needles, Belverd. & Powers, Marian. A Guide to International Financial Reporting Standards. New York: Cengage Learning, 2012. Shamrock, Steven. IFRS...
3 Pages(750 words)Research Paper
...?In the United s the prevailing accounting framework utilized by professionals in the field of accounting and finance is the U.S generally accepted accounting principles (GAAP). Despite its effectiveness in other parts of the world U.S. GAAP is not an accepted accounting framework. In the international community the fastest growing accounting framework that is being used in the business industry of different countries is the international financial reporting standards (IFRS). The international financial reporting standards were created by the...
4 Pages(1000 words)Assignment
...framework underlying its financial reporting standards and interpretations, the Framework for the Preparation and Presentation of Financial Statements (the Framework). The Framework sets out the concepts that underlie the preparation and presentation of financial statements for external users
Introduction:
This Essay provides an adequate knowledge of International Accounting Standard (IAS) and General Accepted Accounting Principle (GAAP) and their comparison. Mainly we only emphasize on the 5 IAS and compare their similarities and differences with the GAAP. It includes the...
8 Pages(2000 words)Essay
...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.
But despite these benefits, the transition from GAAP to IFRS also presents couple of challenging situations for companies and governments. For example;
i. The process of conversion from GAAP to...
3 Pages(750 words)Assignment
...Adoption of International Financial Reporting Standards (IFRS) in European Union Introduction International Financial Reporting Standards (IFRS) followed by International Accounting Standards Board (IASB) is a uniform format of financial coverage which has gained momentum globally and is a distinct reliable accounting model, which most likely will become predominant.
Carmona and Trombetta (2008) measured the logic and significances of the principles-based arrangement and proposed that the approach based on principles to the criteria and its internal tractability allows the appliance of IFRS to countries with various accounting customs and varying institutional circumstances. Moreover, they added that the approach which was based... ....
5 Pages(1250 words)Term Paper
2 Pages(500 words)Case Study
...International Financial Reporting Standards Task International Financial Reporting Standards (IFRS) IFRS is a set in international accounting standards developed by the IASB with the main goal of providing a global framework for public companies in the preparation, as well as the disclosure of their financial statements. Consequently, the financial reporting and disclosure standards provided by IFRS act as a guideline for the preparation, reporting, and analysis of financial statements provided by public companies. This is unlike this is unlike the other existing financial reporting frameworks which, on the contrary, set rules, and regulations with the key aim of governing the preparation, presentation, as well as the reporting... ...
2 Pages(500 words)Essay
...Section_1
Question_no 1
The IAS 1 affirms the employee (internal user) uses the financial reports as basis for seeking work-related benefits (Weygandt et al., 2014). A high net profit picture encourages the employee to request for salary increases. A net loss financial report prods the employee to seek employment in another company, fearing the company may close shop in the near future due to bankruptcy.
Similarly, IAS 1 affirms the resident (external user) who is living within the vicinity of the company uses the financial report to determine if the company is a viable work alternative (Weygandt et al., 2014). A high...
8 Pages(2000 words)Assignment
