Standards (IFRS)‚ or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a major decision‚ now would be an opportune time to take a look at what the pros and cons would be of switching to this new way of financial reporting‚ and in doing so‚ show why I believe the costs (both financial and otherwise) are too high to adopt a new set of reporting standards. Purpose and Scope The purpose of this report is to look at the advantages and disadvantages that would
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
IFRS: ITS RELEVANCE‚ CHALLENGES AND BENEFITS. Dr. J.Bordoloi‚ Associate Professor‚ Haflong Govt. College bordoloijyotish27@gmail.com Ms. B.Bordoloi‚ Assistant Professor‚ Lakhimpur Commerce College bohnisikha.bordoloi@yahoo.com Key Words: Harmonize‚ Convergence‚ Comparability‚ Reliability‚ Credibility‚ Understandability. Abstract: The accounting standards are the ideal and standardized practice of accounting which aims to harmonize the accounting language. However the
Premium International Financial Reporting Standards
GAAP/IFRS Financial Statement Comparison Through this course we have been taking a closer look into the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). The book lays out the major similarities and differences between the two separate but equal accounting methods. I say‚ “Equal”‚ in the sense that the IFRS and GAAP accounting methods are two different ways that the any company that could come to the conclude the financial statements
Premium Financial statements Income statement Balance sheet
International Financial Reporting Standards (IFRS) are an international set of accounting standards. Early in the 21st century‚ the Australian Accounting Standards board‚ with guidance from the Financial Reporting Council (FRC)‚ decided to implement IFRS’s throughout Australia. This decision was made so that Australia could participate and contribute to the development of a distinct set of accounting standards that could be used all around the world. This report will explore the process of setting
Premium International Financial Reporting Standards International Accounting Standards Board Financial statements
Comparing IFRS to GAAP Paper There are several differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). The IFRS is considered more of a "principles based" accounting standard in contrast to U.S. GAAP which is considered more "rules based." By being more "principles based"‚ IFRS‚ arguably‚ represents and captures the economics of a transaction better than U.S. GAAP. As a team me collaborated to answer the following seven
Premium Generally Accepted Accounting Principles International Financial Reporting Standards
The New Star in USA auto market----Kia MBA 4.720 BSCM Group Assignment 18 MAY‚ 2013 Prepared for: Dr. John Tan Group members: Cui Yu: 20130236 Xu Ying: 20130056 Han Guang: 20130695 Ma xinghua: 20121136 Number of words: 4115 Contact detail: 188313435@qq.com Executive Summary In the brief assignment‚ the whole industry background has been enumerated which help us understand recently Kia in USA market which one with intense competition
Premium Automotive industry
IFRS vs. GAAP W2 Accounting 561 In the past‚ each country developed its own respective accounting standards and implemented them on a national scale. As the global economy emerged‚ markets converged and accounting systems became more dynamic and were made consubstantial in order to support off-shore business operations and alliances with foreign brands. In recent history‚ the US has made its accounting principles more congruent with that of the IFRS. One of the outstanding differences between
Premium Revenue Income statement Generally Accepted Accounting Principles
Reflections on Imprisonment in the USA Introduction The prison population of the United States of America is bigger than the entire population of the countries like Andorra‚ Liechtenstein‚ and some other members of the international community. Indeed‚ the continuously increasing number of the prisoners in the United States penitentiary institution is not a positive sign of law enforcement institutions effective performance. Currently‚ the maintenance of the inmates incarcerated in the different
Free United States Crime Prison
USA Today Presented By: Samer Gamal A.Hamid Grannett Response to Market Opportunities In the newspaper industry where traditions were perceived static and controlling the way the newspaper source the information to the readers Grannett has seized the advantage of two growing trends in the reading public‚ the pace of the TV raised generation demanding short to the point attention‚ and the growing demand for more information. At that time the information available is much more than the readers
Premium Mass media Newspaper Journalism
is one of the main reasons immigration is so common now. Not all parts of the world are like this‚ but USA is known to be a country with a great capacity of tolerance and the acceptance of diversity. I think is great that people search for this‚ that people look for justice‚ a place where they can be accepted. A fact is that not everyone is the same‚ we are all different from each other and USA is a country that has acknowledged this and has looked for ways to ensure their citizens equality‚ this
Premium Sexual orientation United States Immigration to the United States