Silic Date: 2013/11/17 Summary: The Council of Ministers of the European Union approved regulation on applying IFRS for all companies‚ so Silic‚ a France-based investment property company‚ also faces the substantial impact on their accounting standards‚ needs to choose between historical-cost or fair-value accounting to report its investment properties according to IAS 40. Silic was a major and historical player on the French commercial-property market. It had over 700 individual tenants‚ ranging
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Given that sustainability reporting is not currently required of companies‚ what do you see as the possible benefits and disadvantages of sustainability reporting? Using the information in the case‚ the summary data reported in Tables 4 and 5‚ and Johnson & Johnson’s most recent sustainability report (available at http://www.jnj.com/connect/caring/?flash=true)‚ what aspects of sustainability reporting seem to be a priority for the company‚ and why? Provide examples from the 2008 sustainability report
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Introduction It was not so long ago that the mention of International Financial Reporting Standards (IFRS) immediately conjured up thoughts of convergence with United States Generally Accepted Accounting Principles (US GAAP)‚ which then evolved into the four major projects that is financial instruments‚ insurance‚ leases and revenue. But today‚ the key words are ‘comparability’ and ‘consistency’. Comparability of information prepared under USGAAP and IFRS‚ instead of convergence of the two
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.................................. 3 Concepts and Pervasive Principles ................................................................................................. 3 Financial Statement Presentation .................................................................................................... 3 Statement of Financial Position ...................................................................................................... 3 Statement of Comprehensive Income and Income Statement .
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Question 1 – a) Putting Canada 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’
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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. John Wiley & Sons Inc.‚ 2010. Print. "FASB: Property‚ Plant and Equipment." FASB: Financial Accounting Standards Board. N.p.‚ n.d. Web. 26 Nov. 2012. <http://www.fasb.org/jsp/FASB/Page/SectionPage>
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accounting standards that are used worldwide. One is the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). There is a huge desire for there to one set of accounting standards worldwide with the increase of companies performing business in many different countries and global expansion. The International Financial Reporting Standards are issued by the International Accounting Standards Board. These set of accounting standards are international
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converging it own accounting standard‚ US GAAPs (United States Generally Accepted Accounting Principles) with IFRSs (International Financial Reporting Standards). This report is about the evaluation of the convergence project to form a global standardized financial statement. IFRS is a set of international accounting standards stated how particular types of transactions should be reported in financial statements. However‚ U.S GAAP is a common set of accounting principles‚ standards and procedures that companies
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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 | 10-11 | FASB Financial Accounting Standards Board (FASB) is an organization in the private sector which is responsible to establish standards which govern
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prepare. | IFRS and GAAP and what convergence means. In financial surprise accounting the objective for financial reporting are to provide useful information for potential investors and creditors‚ assessing cash flow‚ and about claims and changes to company resources. The problem with this is that‚ without standards each company would set their rules‚ and readers of financial reports would have to learn every company’s way of reporting information. It would become easier for them to report what
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