Executive summery Harmonization of the accounting standard and conceptual framework is emerging as a requirement for of the international community. As business cross national boundaries so the transecting parties need uniformity in the financial reporting for better understanding of the business conditions. The process of harmonization gets accelerated by the initiative of the two major standard setting body of the world IASB and FASB. Although the two authoritative bodies try to uniform the accounting
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some salient issues pertaining to Malaysian Financial Reporting Standards (MFRS) framework compared to International Financial Reporting Standards (IFRS). This paper also discusses the notion of full adoption of IFRS and opportunities as compared to convergence‚ not only merely a convergence. Keywords: Convergence‚ Foreign Direct Investment (FDI)‚ Malaysia‚ Malaysian Financial Reporting Standards (MFRS)‚ International Financial Reporting Standards (IFRS). INTRODUCTION In the year 2008 the
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Is the move from sector neutral to sector specific effective? 6/3/2014 Abstract: The International Financial Reporting Standards were adopted with idea of providing the private sector entities access to the international capital markets; have not focused on reporting needs of the public sector. Public sector entities also have financial reporting needs and are required to produce high quality reports. The central point of argument is that to maintain sector neutral accounting
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families are living in an age where technology plays a major role. One can expect to encounter different options when it comes to choosing a cable provider. In the paragraphs to come‚ we will discuss the Cable Communications Act of 1984. Fair Credit Reporting Act‚ 1970 will also be discussed when answering the question what were the advances in information technology that resulted in new ethical issues necessitating the creation of each act. The Cable Communication Act of 1984‚ at the time; was a new
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transcampus.org/journals. www.ajol.info/journals/jorind THE CHALLENGES OF ADOPTING INTERNATIONAL FINANCIAL REPORTING SYSTEM IN NIGERIA Anthony O. Garuba Department of Accounting and Finance‚ Western Delta University‚ Oghara‚ and Pat Donwa Department of Accounting‚ University of Benin‚ Benin City E-mail: anthonygaruba@yahoo.com Abstract Nigeria is going to adopt International Financial Reporting Standard (IFRS) from 1st January 2012. Globalization and Information and Communication Technology (ICT) has
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financial reporting described in FASB Concepts Statement No. 1? a. To provide information about how management of an enterprise has discharged its stewardship responsibility to owners. B. To measure the current market value of the business enterprise. c. To provide information so potential investors or creditors can make their own predictions of future earnings. d. To focus primarily on information about earnings and its components. e. All of these are objectives of financial reporting. Difficulty:
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GAAP Comparison In the United States‚ companies use an accounting method referred to as Generally Accepted Accounting Principles (GAAP). While the U.S. has structured GAAP to align all reporting for U.S. businesses‚ it is different from most other countries accounting standards. International Financial Reporting Standards (IFRS) is an accounting standard used in over 110 countries around the world (GAAP vs. IFRS‚ n.d.). With the Securities and Exchange Commission looking to move the U.S. accounting
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policymakers rely on private entities to establish financial accounting and reporting standards” (Donald Kieso‚ 2003‚ Intermediate Accounting). The two most influential standard-setters are the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). FASB & IASB are currently working jointly to establish a single set of universal accounting concepts‚ standards‚ and reporting procedures with the goal of implementing standard global accounting practices
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expand. • China fully understands that a sound financial reporting system plays a key role in the process of economic development. • The Chinese Ministry of Finance (MoF)‚ who has the responsibility for regulating accounting matters in China‚ has set itself the objectives of fostering investors’ confidence in financial information‚ increase transparency of financial reporting‚ and harmonize with International Financial Reporting Standards (IFRS)‚ so as to reduce the costs of raising capital
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Standard than US GAAP for achieving good financial reports? This research paper delivers an analysis of determining whether the International Financial Reporting Standards‚ hereafter known as IFRS‚ is a better reporting standard than the US Generally Accepted Accounting Principle (GAAP). Financial Statements have to provide high quality financial reporting information with regards to economic entities‚ primarily financial in nature‚ which are useful for economic decision making (FASB‚ 1999; IASB‚ 2008)
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