IFRS 10 VS. IAS 27 1 IFRS 10 - OBJECTIVE To establish principles for the presentation and preparation of consolidated financial statements (CFS) when an entity controls one or more other entities. 2 IFRS 10 – OBJECTIVE(STANDARDS) Requires a parent entity to present CFS Defines the principle of control and establishes control as the basis for consolidation Set out how to apply the principle of control to identify wheteher an investor controls an investee and
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Project Assignment (IFRS 10) Cheong Wang Shen Gordon Prepared for: Prof Bernardine Low Prepared by: Gordon Cheong Wang Shen Jason Tan Zhu En Twain Teo Wei Ren Wee Huixiang (G4) Table of Contents Question 1: IFRS 10 flowchart 3 Question 2 5 (a) Identifying ambiguity of control 5 Background 5 Control issues 5 Co-owning of subsidiaries 5 Inter-company director relations 6 Same platform manufacturing 6 (b) & (c) Application of IFRS 10 flowchart to determine
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OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business. Therefore‚ all general purpose financial statements should
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Case Study: Fiat Auto and General Motors Alliance Case Study: Fiat Auto and General Motors Introduction The economic crisis and other factors‚ affect different companies in the global market and automotive industries are not exempted. In order to cope with economic problems within the industry‚ different companies try to find the most efficient ways to save the company and one of these is through the consideration of merging or going into alliance. In alliance‚ both companies
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Differences A comparison of IFRS and US GAAP October 2007 PricewaterhouseCoopers’ IFRS and corporate governance publications and tools 2007 IFRS technical publications IFRS Manual of Accounting 2008 Provides expert practical guidance on how groups should prepare their consolidated financial statements in accordance with IFRS. Comprehensive publication including hundreds of worked examples‚ extracts from company reports and model financial statements. IFRS News Monthly newsletter focusing
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Report: Where does the US stand on the adoption of IFRS? - 2012 Abstract The globalization of markets over the past 50 years has led to the demand for increasingly comparable financial statements across countries. In response to this demand‚ the International Accounting Standards Board (IASB) was formed with the purpose of developing a set of high quality global accounting standards. Although a majority of developed markets have adopted the international standards‚ the United States has not.
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S.GAAP to IFRS Nara Yoon Charles Center Summer 2009 2 Advantages and Disadvantages of switching from U.S.GAAP to IFRS In today’s business‚ markets are demanding increasing conformity. Many countries have converted to and implemented the International Accounting Standards Board (IASB)’s accounting standards. The United States‚ however‚ still maintains its own Financial Accounting Standards Board (FASB). Both IASB and FASB have created International Financial Reporting Standards (IFRS) and U.S.
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Consumer Behaviour Assignment Name Roll No. Lismary Cyriac F-178 Bijayini Samal F- 94 Sneha Dugar F-137 Aashima Dhankhar F-148 Smruti Shirke F-210 Chintha Kali Kishore F-166 Explore how personality is used by marketers? BRAND PERSONALITY Brand personality can be defined as the set of human characteristics associated with a Brand. A brand is something to which the consumer can relate to and thereby tries to apply the same in his life. This goes a long way in consumer
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Introduction As the infamous Volkswagen (VW) “Dieselgate” scandal comes to light‚ the United States Environmental Protection Agency (EPA) started testing other automobiles on the road to ensure compliance of regulation. This leads to the exposure of Fiat Chrysler (FC) scandal and Renault scandal in 2017 (Bovens‚ 2017). Similar to VW‚ they were accused using a “defeat device” software to bypass laboratory test on nitrogen oxide (NOx) emission level. Such act of cheating and the increase in scandal draws
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IFRS vs GAAP – Equity Accounts In discussing Equity Accounting standards of GAAP and IFRS we specifically look at Stockholders’ equity in regard to corporations. Of course there are many differences in language; however‚ we will review some major differences in accounting standards with respect to Equity accounts. There is a glaring difference in the two methods with regards to Distributions to Owners. Under US GAAP‚ disregarding dividends paid on unallocated shares (Employee Stock Ownership
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