Part 2 US GAAP and IFRS Part 3 China GAAP and IFRS Part 4 Summary of Convergence Process Part 5 Pros & Cons of Convergence Part 6 The reasons for differences in accounting practice ww.ifrs.org + The International Accounting Standards Board + The International Accounting Standards Committee (IASC) Foundation + Objective – a single set of global financial reporting standards + Aim – convergence between national standards and international standards + IFRS Framework + IFRS SMEs
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1. In what ways did the cultures of the two companies differ? What do you think the terms ’innovation’ and ’entrepreneurship’ meant to Chrysler employees? What about to Daimler employees? In 1998 when German industrial giant Daimler-Benz AG merged with American automobile manufacturer‚ Chrysler Corporation‚ Daimler Chrysler came into existence. This merger didn’t result for the big picture that was expected after this merge. It was thought that this merger would create a global economy not only
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1. The Daimler-Chrysler merger came with the intent of a huge change. When the two made the merge they had high potential with both their backgrounds which helped them become the world’s fifth largest auto company (C-41). However‚ it was never foreseen that Chrysler which was part of the 3/4 of U.S. auto sales would have a complete turnaround in profits within a couple years (C-41). Being a strong company based upon brands and products isn’t everything for success as shown here. The merger provided
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Cruz 1 Week 8 Assignment 1 IFRS and GAAP Convergence Janet Rivera Cruz Prof. Basil Jackson Accounting 304 December 2‚ 2012 Cruz 2 The purpose of this paper is to describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years. IFRS is the principle based set of standards that establish standards and dictate specific treatments. IFRS has become a global standard for companies when
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the two companies? The Daimler-Chrysler merger represent an example of poor partner selection when engaging in cross-border collaboration. Cultural and strategic differences between the two companies have significantly affected the outcome of the merger and should have been taken into consideration in the target choice phase. Strategic objectives of the two companies are opposite‚ with Daimler focusing on high-end‚ high-performance segment‚ and brand protection‚ and Chrysler focusing on more affordable
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converting from GAAP to IFRS from a company’s perspective. Propose three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. 2. Identify four (4) financial reporting differences between U.S. GAAP and IFRS. For each financial reporting difference‚ take a position on which method would be most beneficial to financial statement users. 3. Predict three (3) possible problems that U.S. corporations may encounter when converting their financial statements to IFRS. Recommend
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The DaimlerChrysler Merger (A): Gaining Global Competitiveness Question 1: What was the situation at Daimler and what was the situation at Chrysler before the merger? The situation at Daimler was difficult before the merger because Daimler experienced tremendous losses in the beginning of 1990s. Starting from 1995 when the new CEO came in place some changes were instantly done‚ for example‚ unprofitable business units were either closed‚ restructured or sold. Even though the new CEO had in mind
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EXCELSIOR UNIVERSITY JOSEPH S. SPERANZA MODULE 1 ASSIGNMENT 1 “GAAP VERSUS IFRS” ACC211/ FINANCIAL ACCOUNTING MRS. SMITH 13 JAN 13 The United States Generally Accepted Accounting Principles (U.S. GAAP) and the International Financial Reporting Standards (IFRS) are both effective ways to report financially account for one’s business assets but they have several differences. in this paper I will attempt to outline a few of the more significant differences and allow you to make up your mind
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Comparison of reporting discrepancies between IFRS and GAAP Kaci Amon‚ Poonam Aujla‚ Daniel Aurora‚ Yuanyan Fang‚ Mark Gonzalez Accounting 306 C1 Professor Xuhong Luo August 12‚ 2012 Executive Summary The generally accepted accounting principal (GAAP) and international financial reporting standard (IFRS) are standards governing how economic events are reported. In the United States‚ the Securities and Exchange Commission (SEC) relies on the FASB‚ the accounting standard-setting body of
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U.S GAAP to IFRS Myechia McFadden Kaplan University I am for U.S. Gaap to change to IFRS. The main reason why I think this change should be made is because IFRS is global. The US GAAP is only good for the U.S. There are a few others reasons why I think this change should be made. U.S. GAAP (Generally Accepted Accounting Principles) is useful to present to potential investors and creditors and other users in making rational investment‚ credit and other financial decisions. The U.S GAAP has
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