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report on international financial reporting standard
MBA PROGRAM
PREPARED BY: - ID NO
1. BISRAT ALBACHEW GSR/2005/06 2.ISRAEL BIRHANU GSR/2021/06 3.SIYUM MENDA GSR/2034/06 4.YIBELTAL BITEW GSR/2041/06
SUBMITTED TO:- INSTRUCTOR: Dr.P. Laxmikantha December 2013 Table of content
Title Page
1. History of International Financial Reporting Standards (IFRS) …………… 2
2. Advantages and Disadvantages of Adopting IFRS ……………….. 4 2.1. Advantages…………………………………………………………………………4 2.2. Disadvantages………………………………………………………………………………..5
3. Similarities and Differences between IFRS and U.S.GAAP......6 3.1. Similarities between IFRS and U.S. GAAP.......................................7 3.2. Differences between IFRS and U.S. GAAP……………………………………..10
4. International Accounting Harmonization…………………………...11 4.1. Why International Accounting Harmonization………………11
5. Adoption of IFRS around the world…………………………………….12
6. Progress of Ethiopia towards the adoption of IFRS……………..13
7. Back ground of the Organization……………………………………………… ..14
9. Application of IFRS in United Bank S.C…………………………………15
10. Conclusion…………………………………………………………………………..20
Appendices

Introduction
International Financial Reporting Standards (IFRS) is a comprehensive, globally accepted set of accounting standards utilizing a principles-based approach with a greater emphasis on interpretation and application of those principles, aiming at best reflecting the economic substance of transactions. It is a less extensive body of literature than U.S. Generally accepted accounting principles (GAAP)


References: Web. Retrieved documents , December, 2013; Investopedia, http://www.investopedia.com/articles/financialcareers/09/ancient-accounting.asp The Adoption of International Financial Reporting Standards (IFRS) in Ethiopia: Benefits and Key Challenges, Fikru Fantahun, Thesis Paper submitted to Department of Accounting and Finance, College of Business and Economics, 2012 Mihret, D.G Annual report of United Bank S.C. as of June 30 2013 ROSC (2007), Report on the Observance of Standards and Codes Ethiopia.
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