Fiat Group’s first-time adoption of IFRS Course: Corporate valuation Authors: Hanlin Wang David Řeha Jin Zhang Joy Nguyen On Wednesday‚ February 24‚ 2010 the SEC reiterated its support for International Financial Reporting Standards (IFRS)‚ this was conditional upon the accomplishment of a number of milestones. The SEC staff had developed a comprehensive work plan that would help to keep the process moving forward. Including Fiat‚more and more huge cooperations are adopting IFRS
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Article on “IFRS- Problems and Challenges in First Time Adoption” Prepared By: Asst. Prof. Sumit Acharya. Shree Swaminarayan Institute of Management Porbandar E-mail: sumit.sim@gmail.com IFRS- Problems and Challenges in First Time Adoption * Sumitkumar S. Acharya A B S T R A C T Trust and transparency led to a discussion of the fundamental purpose of financial reporting. Consistent‚ comparable and understandable financial information is the lifeblood of commerce and making investment
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ADOPTION OF IFRS: IT`S BENEFITS AND IMPACTS ON FIRMS AND COUNTRIES AROUND THE WORLD The IASB was established in 2001 and since have assumed the responsibility of the standard setting from its predecessor body‚ the International Accounting Standards Committee (IASC) and began issuing International Financial Reporting Standards (IFRS). IFRS has recently been dominating the regulatory changes in accounting for listed companies around the world. Through the years‚ over 100 countries have adopted IFRS
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Fiat GROUP IAS/IFRS First Time Adoption March 30‚ 2005 Disclaimer This document was prepared to provide a general overview of the impacts of IAS/IFRS on the accounts of Fiat Group during the transition from Italian GAAP to IAS/IFRS As provided for in IFRS 1 – First-time adoption of International Financial Reporting Standards – the information is prepared in accordance with IAS/IFRS published as of December 31‚ 2004 and applicable as of January 1‚ 2005 Information presented in this
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Internationally‚ more than 100 countries have adopted International Financial Reporting Standards IFRS or IFRS equivalents‚ including all EU countries and major Asian countries such as Hong Kong and Singapore which have adopted IFRS almost in their entirety. (KPMG‚ 2006‚ pp.11) The adoption of IFRS in Australia through the Australian equivalents of International Financial Reporting Standards (AIFRS) since the beginning of 2005 has reflected how Australia is also part of global momentum for consistency
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Introduction of IFRS for small and medium companies in Bulgaria In this essay we discuss the development and adoption of the International Financial Reporting Standards (IFRS) in the Republic of Bulgaria. Most of the characteristics and features apply not only to this country‚ but also to most developing economies in Europe. The IFRS are a set of standards which imply rules‚ methods and governance for reporting and interpreting financial
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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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Advantages of IFRS Adoption for the U.S. Investors 1. Introduction The adoption of IFRS would have many benefits to the United States investors for it would improve standardize the reporting formats‚ financial reporting quality‚ and provide more accurate‚ comprehensive and timely financial statement information. By far‚ many countries have already adopted IFRS‚ so the United States would benefit greatly by conforming to global IFRS network. In this paper‚ I will analyze reasons that
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International Financial Reporting Standard (IFRS) for Small to Medium-Sized Entities (SME’s) by assessing both the implications of the RDR and the IFRS for SME’s in Australia. Firstly this report will look at the SME sector and address its needs and current reporting standards. Secondly the report will examine the IFRS for SME’s set by the IASB and compare this with the AASB’s RDR. Thirdly the report will discuss what the implications of adopting either the RDR or the IFRS for SME’s in Australia and then finally
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United States to adopt IFRS. Do you think it is likely that the United States will embrace IFRS in the near term‚ and what do you think are the some of the factors that might discourage the country from adopting IFRS? Well‚ I think United States will not embrace IFRS in the near future as United States are now reliance on the accounting standards issue by the FASB rather than on the standards issued by the IASB. Unlike many countries‚ United States has not yet adopts the IFRS. Besides‚ the United
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