September 2008 PricewaterhouseCoopers’ IFRS and corporate governance publications and tools 2008 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 Pocket Guide 2008 Provides a summary of the IFRS recognition and measurement requirements
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Cited: Ankarath‚ Nandakumar‚ et al. Understanding IFRS Fundamentals: International Financial Reporting Standards. Hoboken‚ New Jersey. John Wiley & Sons Inc.‚ 2010. Print. Bragg‚ Steven M. Wiley GAAP 2011: Interpretation and Application of Generally Accepted Accounting Principles. Hoboken‚ New Jersey
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IFRS 8-1: “Basic accounting and reporting issues related to recognition and measurement of receivables‚ allowance accounts‚ recording discounts‚ the allowance method to account for bad debt and factoring are basically the same between IFRS and GAAP. However‚ the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are taking steps by working to implement fair value measurement‚ the amount they currently could be sold for‚ for financial instruments. “The
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A & AUDIT international accounting CCOUNTING ING Accounting for Small Businesses: The Role of IFRS By Nancy Christie‚ John Brozovsky‚ and Sam Hicks F or decades‚ U.S accountants in all fields have recognized a need for a simpler set of financial reporting standards for small businesses‚ but regulators have not been willing to provide a second set of standards. Now‚ for the first time‚ there may be an answer for small firms desiring relief from the onerous reporting requirements
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IFRS versus GAAP Comparison Jennifer Brown‚ Jason Hammock‚ Dominec Pietrandrea‚ Anne Risley‚ Inga Wedderburn ACC/291 November 24‚ 2014 Kevin Waters IFRS versus GAAP Comparison In the United States‚ companies use an accounting method referred to as Generally Accepted Accounting Principles (GAAP). While the U.S. has structured GAAP to align all reporting for U.S. businesses‚ it is different from most other countries accounting standards. International Financial Reporting Standards (IFRS) is an accounting
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emerging economy A case study of China’s IFRS convergence Songlan Peng York University‚ Toronto‚ Canada‚ and 982 Received 28 July 2008 Revised 6 January 2010 Accepted 15 March 2010 Kathryn Bewley Ryerson University‚ Toronto‚ Canada Abstract Purpose – This paper seeks to assess the feasibility and desirability of a major emerging economy adopting and implementing fair value accounting (FVA)‚ as codified in the International Financial Reporting Standards (IFRS)‚ by studying China’s recent experience
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RULE VS PRINCIPLE BASED CONVERGENCE VS ADOPTION IFRS Assignment1‚ Group Section 1 Characteristic Additional Comment Criteria Disadvantage Advantage • Provide specific dictates for reporting financial information • Unavoidable. (Accountants must follow these rules or face penalties for noncompliance. ) • Effective rules-based standards require active participation of the financial reporting community to evaluate the resulting quality. Real life practice issues should be
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| |use) |value in use) | | | |D3 – Other issues |Identifies the |Discusses 1 of the issues |Discusses both of the |C and compares IFRS |NA | | |replacement parts or| |issues |treatment to ASPE for both| | | |the amortization/ | |
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SYDNEY FACULTY OF BUSINESS CONVERGED STANDARD ON REVENUE RECOGNITION IFRS 15-REVENUE FROM CONTRACTS WITH CUSTOMERS By LE‚ DOAN YEN NHI 11809946 Word count: 1000 (excluding executive summary and reference) Due date: 18th May 2015‚ 5 pm Executive summary On May 2014‚ the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) had jointly issue the converged standard‚ IFRS 15‚ on the Recognition of Revenue from Contracts with Customers. The new
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GAAP vs IFRS Diffen › Economics › Business › Business Finance › Accounting GAAP (US Generally Accepted Accounting Principles) is the accounting standard used in the US‚ while IFRS (International Financial Reporting Standards) is the accounting standard used in over 110 countries around the world. GAAP is considered a more “rules based” system of accounting‚ while IFRS is more “principles based.” The U.S. Securities and Exchange Commission is looking to switch to IFRS by 2015. What follows
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