Standards (IFRS) International Accounting Standards is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements (Investopedia‚ n.d.). IFRS are issued by the International Accounting Standards Board. The International Accounting Standards or the International Financial Reporting Standards are standards and guidelines used by nearly 100 countries. Many of the standards forming part of the IFRS are know by
Premium International Financial Reporting Standards Financial statements Generally Accepted Accounting Principles
Is goodwill impaired in the same way under IFRS? Does IFRS also employ a two-step approach for goodwill impairment testing? If not‚ how is goodwill tested for impairment under IFRS? (Refer to IAS 36 Impairment of Assets.) Both U.S. GAAP and IFRS require goodwill to be written down when impaired. There are some differences between U.S. GAAP and IFRS in recognizing and recording impairment‚ but in principle‚ the ultimate goal is the same. Both
Premium Customer service 2009
public accounting firms conduct regular audits of internal controls and to evaluate the consistency of published financial statements. The (IASB) is a global regulatory body which is an offshoot of the International Financial Reporting Standards (IFRS); the (IFRS) sets standards for financial reporting for small to medium businesses which make up
Premium International Financial Reporting Standards Financial Accounting Standards Board Certified Public Accountant
NOKIA Strategic Review NOKIA • • • • • • • • • • • • Current Situation Vision Mission Corporate Organization & Governance Objectives Driving Forces SWOT Strategic Issues Alternatives Recommendations Implementation Key Learning’s from the Case Study Nokia Overview • Multi-national telecommunications and software company • Founded in 1865 and incorporated in 1871 • Headquartered in Espoo‚ Finland • Publicly Traded LLC on Helsinki and NYSE (SYM:NOK) • Revenue of $16.8B‚ Market Cap $28B‚ P/E 8.4
Premium Smartphone Mobile phone Nokia
of creative accounting? CASE STUDY 2 (50 marks) Title: Is IFRS for SMEs For Your Company? Miller‚ R.S. (June 2010). Is IFRS for SMEs For Your Company?‚ financial executive‚ 16. Retrieved from www.financialexecutives.org (assessed on 1 November 2013). Required: 1. Summarize the differences between Full IFRS and IFRS for SME. 2. Discuss FIVE (5) key challenges that might be faced by the Malaysian key players in adopting the IFRS for SMEs. 3. In your opinion‚ how does this adoption influence
Premium Accounting scandals Fraud Audit
Table of Contents Particulars | Page number | Facts about FASB and IASB | 3 | Similarity and differences between FASB and IASB‚ Efforts to resolve differences in the standard between FASB and IASB‚ | 4 | Convergence of FASB and IASB | 5 | Issues | 6 | The needs of harmonization of internal accounting standards | 7 | Obstacles of harmonization of accounting standards‚ discussion and evaluation on whether it will be accepted by all users | 8 | Conclusion | 9 | Reference List |
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
Generally Accepted Accounting Principles ( U.S. GAAP) and the International Financial Reporting Standards (IFRS) (Schroeder‚ Clark‚ & Cathey‚ 2005). U. S. GAAP are the laws of accounting in the United States. They govern how accountants measure‚ process‚ and communicate financial information about companies to the majority of Americans (Horngren‚ Harrison‚ Jr.‚ & Bamber‚ 2005). Similarly‚ IFRS are principles‚ standards‚ interpretations‚ and the framework adopted by the IASB‚ stating how particular
Premium International Financial Reporting Standards Certified Public Accountant Financial Accounting Standards Board
Purchase Method of Accounting All business combinations must be accounted for by applying the purchase method. This involves 3 key steps: a) Identifying an acquirer‚ b) Measuring the cost of the business combinations and c) Allocating the cost of the business combination to the identifiable assets and liabilities acquired. a) Identifying the Acquirer The acquirer should be identified for all business combinations‚ The acquirer is the entity which obtains controls over the other entity‚ There
Premium Balance sheet Goodwill Generally Accepted Accounting Principles
States. Since 2002‚ the IASB and FASB have been working together to improve and converge U.S. GAAP and IFRS. The United States is not the only country working toward convergence‚ as of 2009‚ Japan and China were both working toward convergence of IFRS as well as their accounting standards. In February 2010 the Securities Exchange Commission (SEC) issued statements of support of the convergence in IFRS and U.S. GAAP. The FASB intends to analyze each of the differences within the scope and either (1)
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
is unlikely to become the primary valuation method for illiquid non-financial assets on a voluntary basis. Keywords: Fair value‚ IFRS‚ non-financial assets‚ illiquid assets. JEL Classification: M4‚ M41 This version: 4 November 2012 This paper previously circulated under the title: "Who uses fair -value accounting for non-financial assets after IFRS adoption?" This research was funded in part by the Initiative on Global Markets at the University of Chicago Booth School of Business
Premium Balance sheet Generally Accepted Accounting Principles Asset