Comparison of reporting discrepancies between IFRS and GAAP Kaci Amon‚ Poonam Aujla‚ Daniel Aurora‚ Yuanyan Fang‚ Mark Gonzalez Accounting 306 C1 Professor Xuhong Luo August 12‚ 2012 Executive Summary The generally accepted accounting principal (GAAP) and international financial reporting standard (IFRS) are standards governing how economic events are reported. In the United States‚ the Securities and Exchange Commission (SEC) relies on the FASB‚ the accounting standard-setting body of
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Abstract This study examines the adoption of international financial reporting standards (IFRS) by corporate entities in Ghana and focuses on a selected Bank in Ghana. The problem of the study is that‚ adopting IFRS may present certain challenges such as lack of implementation guidance and costly nature of implementation‚ etc‚ despite the benefits to be enjoyed. Also‚ financial statement figures in the comparative information required by IFRS 1 may change due to recognition and recognition of certain
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allocation process? If a company’s financial performance is measured accurately‚ fairly‚ and on a timely basis‚ the right managers and companies are able to attract investment capital. To provide unreliable and irrelevant information leads to poor capital allocation which adversely affects the securities market. What is the objective of financial reporting? The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to present
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Indian Accounting Standard (Ind AS) 24 Related Party Disclosures CONTENTS PARAGRAPHS OBJECTIVE 1 SCOPE 2-4B PURPOSE OF RELATED PARTY DISCLOSURES 5-8 DEFINITIONS 9-12 DISCLOSURES All entities 13-24A Government-related entities 25-27 ILLUSTRATIVE EXAMPLES APPENDIX 1 Comparison with IAS 24‚ Related Party Disclosures Indian Accounting Standard (Ind AS) 24 Related Party Disclosures (This Indian Accounting Standard includes paragraphs set in bold type and plain type‚ which have equal
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Information C. Classifications 1. Financial Accounting 2. Managerial Accounting / Cost Accounting 3. Auditing — Public Accounting 4. Internal Auditing 5. Governmental and Not-for-Profit Accounting 6. Income Tax Accounting II. How Has Accounting Developed? A. Early History B. The Accounting Profession in the United States C. Financial Accounting Standard Setting at the Present Time 1. Financial Accounting Standards Board 2. Standards are Evolving D. Standards for Other Types of Accounting
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Commission‚ 2008) 3. Financial Accounting Foundation (FAF). The Financial Accounting Foundation (FAF) is a private sector organization that formed in 1972 to create standards for financial accounting. Its mission is to “establish financial accounting and reporting standards through an independent and open process‚ resulting in financial reports that provide decision useful information” (Financial Accounting Foundation‚ 2008) 4. Financial Accounting Standards Board (FASB). The (FAF) formed
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INTERNATIONAL STANDARD ON AUDITING 200 OVERALL OBJECTIVES OF THE INDEPENDENT AUDITOR AND THE CONDUCT OF AN AUDIT IN ACCORDANCE WITH INTERNATIONAL STANDARDS ON AUDITING (Effective for audits of financial statements for periods beginning on or after December 15‚ 2009) CONTENTS Paragraph Introduction Scope of this ISA ...................................................................................... 1−2 An Audit of Financial Statements ..........................................
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preparing the financial reports. Imaging that if the investors and creditors are not able to read and understand the financial information‚ they will not invest or loan money. For these reasons‚ International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) have been joined and worked together on convergence project since 2002 for the purpose of combining US accounting standards and global standards into a single International financial reporting standards. This paper
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communicating the core of this project study and thus without his direction‚ the very inception of this work would not have been possible. Q1. Whether a country’s capital market is debt –oriented or equity oriented has a significant impact on the financial reporting that develops in the country‚ both at the cosmetic and at the substantive level. Choose a equity oriented country and a debt oriented country‚ and obtain two corporate annual reports from each. Comment on the similarities and the differences
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has experienced a lot of significant events and become to be more and more mature. Culture and institutional factors have majorly influenced the development of accounting in Japan‚ and also led the problems in implementing International Financial Reporting Standards (IFRS). In 1927‚ the enactment of the Accountants Law marked the beginning of professional accountants working in Japan. Following its defeat in the Second World War‚ Japan was put under US occupation and in 1948‚ the country and was
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