Same as other developing countries‚ there is no doubt that China has to adopt IFRS. However‚ it is not easy for such a centralized communist country to fully obtain the standards. This case study is going to explain the difficulties of obtain the IFRS‚ and the major reasons of adopting IFRS also will be discussed. According to Ramanna and Sletten (2010)‚ more powerful countries are less likely to harmonized IFRS‚ due to powerful countries’ unwillingness to forgo their standard-setting power to
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...................................................................................... 2 Introduction to IFRS for SMEs ....................................................................................................... 2 Public Accountability...................................................................................................................... 2 Major areas covered in IFRS for SMEs.......................................................................................... 3 Small
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THE EUROPEAN UNION (EU) ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS) DIBUA OBIORA VALENTINE Student No. 09175515 INTRODUCTION The harmonization of accounting standards across countries has been engendered by the globalization of politics and markets. In the past 20-30 years the growth in international trade fostered by increased Foreign Direct Investment flow of capital and development of technology has led to multinational firms establishing presence
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Fiat Stilo: Positioning Problem Statement Fiat is doing poorly in the Spanish market due to poor customer perception. The company wishes to launch the new Fiat Stilo with hopes of obtaining profit in Spain. Fiat must choose in which way it should position the new model so that it can reshape the way Spanish consumers perceive their brand. Situation Analysis Customers: In Spain‚ the automobile sector is divided into segments depending on the specifics of the vehicle‚ mainly size and type
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International Financial Reporting Standard (IFRS): Benefits‚ Obstacles And Intrigues For Implementation In Nigeria *IKPEFAN‚ OCHEI AILEMEN Ph.D (Banking &Finance)‚ ACA‚ACIB Department of Banking & Finance‚ Covenant University‚ Ota‚ Ogun State E-mail: ochei_ikpefan@yahoo.co.uk; Tel:234- 08053013418 **AKANDE‚ A.O B.Sc (Business Administration)‚ MBA; Department of Business Studies‚ Covenant University‚ Ota E-mail: Akandemeji@gmail.com Tel: 234-08035034209 Abstract IFRS is International Financial Reporting
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are some of the key differences between IFRS and U.S. GAAP? The International Financial Reporting Standards (IFRS) - the accounting standard used in more than 110 countries - has some key differences from the U.S. Generally Accepted Accounting Principles (GAAP). At the conceptually level‚ 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
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1. According to U.S. GAAP‚ revaluation is not permitted for all types of intangible assets. Under IFRS‚ revaluation to the fair value of intangible assets other than goodwill is an allowable alternative treatment. This is a good difference between U.S. GAAP and IFRS. Sometimes‚ intangible assets do change rapidly over time. For example‚ a trademark may not be noteworthy at the transaction. However‚ as the company becomes larger and larger‚ the underlying value of the trademark would increase significantly
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South Africa and IFRS Jesse J. Case Assignment 2 November 7‚ 2014 Jones Kasonso Over the past decade there has been an increased push for the International Financial Reporting Standards (IFRS) in many countries around the world. Most countries are pushing for General Acceptance Accounting Practice (GAAP) that will be accepted internationally. At the present time over 130 countries and growing worldwide have adopted IFRS. Of that number include many countries in Africa. However‚ it
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SYNTHESIS IFRS FOR SMEs (International Financial Reporting Standard for Small and Medium-sized Entities) INTRODUCTION 1.1 What is the objective of PFRS for SMEs? The objective of PFRS for SME is to develop a set of high quality‚ understandable and enforceable standards for SMEs. Which includes proper accounting practices for the preparation and presentation of financial statements that creates a common understanding between preparers and users of financial statements. PFRS for SME are
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GAAP Analysis: In business and economics‚ gap analysis is a tool that helps a company to compare its actual performance with its potential performance. At its core are two questions: "Where are we?" and "Where do we want to be?" If a company or organization is not making the best use of its current resources or is forgoing investment in capital or technology‚ then it may be producing or performing at a level below its potential. This concept is similar to the base case of being below one’s production
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