2011. Pp.125 - 136 IFRS Implementation in India: Opportunities and Challenges Pawan Jain1 One of the foremost requirements to operate a Business successfully is to have a good financial reporting system in place. Keeping this in mind‚ Accounting Professionals and Accounting Bodies across the globe‚ during last decade‚ had tried to put a financial reporting system in place which is harmonized‚ robust and have extensive applicability. IASB (formerly IASC) came out with IFRS which were adopted
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Problems of Adoption and Application of International Financial Reporting Standards (IFRS) in Bangladesh Sumon Bhattacharjee (Corresponding author) Department of Business Administration‚ East West University 43-46 Mohakhali C/A‚ Dhaka‚ Bangladesh Tel: 88-17-1285-9617 E-mail: sumon@ewubd.edu Muhammad Zahirul Islam Department of Business Administration‚ East West University 43-46 Mohakhali C/A‚ Dhaka‚ Bangladesh Tel: 88-17-1665-3964 Abstract E-mail: zahir046@ewubd.edu The adoption of IFRS around
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on a continuum between fully converging or partially converging with the international financial reporting standards (IFRS) with their “Made in Canada” (Canadian Institute of Chartered Accountants [CICA]‚ 2006) generally accepted accounting practice (GAAP)‚ Canada would lie very close‚ if not on the line of convergence. Over the past few years‚ before the consideration of IFRS and leading up to the full convergence of it‚ Canada’s GAAP has been a ‘no mans land’ (Martin‚ 2009). It was becoming
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Corporations in Australia have started adopting IFRS as its domestic financial reporting standards since 2005. Although AIFRS applied almost whole contents and wording of IFRS‚ owing to the different domestic legislative environment‚ some modifications were needed and included the removal of certain options permitted or wording changes under IFRS. The species of these differences that exist between IFRS and AIFRS can be universally sorted as follow: 1. Recognition differences. 2. Measurement
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The Florida Adoption Law Group portrays ethos‚ logos‚ and pathos throughout their website to persuade Mothers or wanting to become parents to contact them and use their website instead of others like Adopt Us Kids which doesn’t give much of nurturing feeling. Also‚ The Florida Adoption Law Group has different way of communication which gives the options to call‚ text‚ email‚ and video chat for parents or single mothers who might live far way other ways of communication. In addition‚ The Florida Law
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article “IFRS adoption in Spain and the United Kingdom: Effects on accounting numbers and relevance” and find out the answer for the following questions: Q1 What are the research objectives? (the last 5 paragraphs of section 1) The main purpose of this research is to compare and contrast the quantitative impact of the IFRS adoption on financial reporting in Spain and the UK. There are two main research objectives. First it explores the economic and financial effect of the IFRS adoption for companies
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IFRS Income Tax Accounting IFRS for SMEs: A less taxing standard? On July 9‚ 2009‚ the IASB published the International Financial Reporting Standard for Small and Medium-sized Entities (“IFRS for SMEs” or “the standard”)‚ a self-contained standard of about 230 pages designed to ease the burden of IFRS reporting for entities that do not have public accountability. Globally‚ more jurisdictions may be encouraged to replace existing local GAAP with IFRS for SMEs. As a result‚ it holds
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Task 2: Discuss the fear expressed by the chairman of SEC (USA) that there is a possibility of the world moving towards at least three versions of IFRS- namely IASB IFRS‚ EU IFRS and US IFRS. Introduction With the introduction of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)‚ the world is one step closer to achieving a global set of accounting standards comprehensible by different users of financial statement worldwide. The benefits of using these
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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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Case: Fiat’s Strategic Alliance with Tata. IB-Sec A &C. Please use the following questions as guideline to prepare the case: (Follow instructions in outline except those mentioned below.. 1. Given that‚ Fiat existed and operated in India for long why did it decide to form a strategic alliance with Tata? * Frequent bottlenecks with earlier smaller JV partner(premier) * felt the need for bigger player- with financial and management compatibility * Long term approach
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