accountable entities will cease to report under Canadian GAAP and instead use IFRS. This paper discusses three accounting topics to compare Canadian GAAP with IFRS. The three topics cover (1) conceptual framework‚ (2) property‚ plant and equipment‚ and (3) financial statement presentation. Conceptual Framework Both IFRS and Canadian GAAP are based on similar conceptual frameworks. Many of the basic concepts in IFRS (e.g.‚ the going concern assumption‚ accrual accounting) are similar to Canadian
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IFRS for Small And Medium Enterprises: How Is It Different And Is It necessary? Introduction To The IFRS For SMEs The IFRS (International Financial Reporting Standards) for SMEs is a self-contained standard of 230 pages‚ which was published on the 9th July 2009‚ designed to meet the needs and capabilities of small and medium-sized entities (SMEs)‚ which are estimated to account for over 95% of all businesses around the world. The standard is a result of a five year development process with
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IFRS 13 Fair Value Measurement applies to IFRSs that require or permit fair value measurements or disclosures and provides a single IFRS framework for measuring fair value and requires disclosures about fair value measurement. The Standard defines fair value on the basis of an ’exit price’ notion and uses a ’fair value hierarchy’‚ which results in a market-based‚ rather than entity-specific‚ measurement. IFRS 13 was originally issued in May 2011 and applies to annual periods beginning on or after
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activities‚ exclusion from social situations‚ physical abuse‚ or coercion.[10][16] U.S. National Center for Education Statistics suggests that bullying can be classified into two categories: 1. direct bullying‚ and 2. indirect bullying (which is also known as social aggression).[1] Ross states that direct bullying involves a great deal of physical
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Accounting 303 October 9‚ 2012 US GAAP vs. IFRS The Financial Accounting Standards Board (FASB) developed the United States Generally Accepted Accounting Principles (GAAP) has been used in US corporations for over 75 years. It allows financial statements from all corporations to be compared accurately and efficiently‚ and serves as a guideline for accountants. GAAP is slowly being taken out for the International Financial Reporting Standards (IFRS) as global business goes across the world.
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Week 9 case study ING Direct Question 1: what level of the product hierarchy has ING Direct leveraged and how does this create value for both customers and the shareholders of ING Direct? ING Direct has leveraged the product from basic product to augmented product. Basic product from a bank industry is simply providing bank service through branch or call centre‚ which has meet core need of their target customer. The introduction of virtual Internet banking‚ which has exceeded the customer expect
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Direct Marketing consists of connecting directly with carefully targeted consumers‚ often on a one-to-one‚ interactive basis. Using detailed databases‚ companies tailor their marketing offers and communications to the needs of narrowly defined segments or individual buyers. Beyond brand and relationship building‚ direct marketers usually seek a direct‚ immediate and measurable consumer response. The New Direct Marketing Model Early direct marketers-- catalog companies‚ direct mailers‚ and telemarketers--
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Needs of IFRS Education in India Prepared By Dr. Atul Bansal‚ Principal ‚M.Com.‚ LL.B.‚ PM&IR‚ M.B.A (Fin.)‚ Ph.D.‚ MIAA‚ MICA C.Z.Patel College of Business and Management (S.P.University )‚ Vallabh Vidya Nagar – 388120. Distt. Anand ( GUJARAT) Mobile : 09377023808 Fax : 02692-236700 e.mail : dr.atulbansal@gmail.com Introduction “In the age of globalization India insulates itself from development taking place worldwide and it is imperative for us to make a formal strategy for
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Product cost is the cost of direct labor‚ direct materials‚ and manufacturing overhead that are consumed to create a product. Product cost can also be considered the cost of the labor required to deliver a service to a customer. Direct Material Cost Definition: Direct material cost is the cost of materials used to manufacture a product or provide a service. Direct Labor Definition: Direct labor is production or services labor that is assigned to a specific product‚ cost center‚ or work order
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Reporting Standards (IFRS) immediately conjured up thoughts of convergence with United States Generally Accepted Accounting Principles (US GAAP)‚ which then evolved into the four major projects that is financial instruments‚ insurance‚ leases and revenue. But today‚ the key words are ‘comparability’ and ‘consistency’. Comparability of information prepared under USGAAP and IFRS‚ instead of convergence of the two frameworks‚ and consistency of application and consistency of enforcement of IFRS around the world
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