Chapter 1 The Canadian Financial Reporting Environment Prepared by: Dragan Stojanovic‚ CA Rotman School of Management‚ University of Toronto The Canadian Financial Reporting Environment Role of Financial Reporting • Financial statements and financial reporting • Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political
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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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characteristics general-purpose financial information should possess‚ how the elements of accounting should be defined and when they should be recognised and how the elements of accounting should be measured. The view often promoted by various advocates of conceptual framework projects is that it is difficult and perhaps illogical to develop systems of financial accounting if we do not initially agree on important issues such as what general purpose financial reporting is‚ what the objective of a general
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Influences on Financial Reporting and Disclosure Practices in Mexico Culture refers to “a set of common ideas‚ beliefs and values that shared by the members of a group of individuals” (Anis 2012) 3.1.1 Harmonisation in North America In the late 1980s‚ North American Free Trade Agreement (NAFTA) emphasized the movements toward the globalization of investment and trade (Quigley 1997) Reference IFRS Adoption by Country n.d.‚ Retrieved April 10th‚ 2012‚ from http://www.pwc.com/us/en/issues/ifrs-reporting/country-adoption
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challenges of harmonization of accounting system. Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements. The Generally Accepted Accounting Principles is comprised of a large group of individual accounting standards. Accounting Standards in other words can be stated as rules which govern the preparation of financial statements. They are the generally accepted accounting principles
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IFRS‚ so I did lots of literary review to find out what is IFRS and advantages and disadvantages that companies used. According to the situation of lots of companies begun to convert their financial reporting standards from Generally Accepted Accounting Principles(GAAP) to International Financial Reporting Standards(IFRS)‚ so the impact of IFRS became the focus of investors. I begin with a short description of IFRS and the history of EU and UK begun to adopt it‚ and then sum up huge information which
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International Management Review Vol. 3 No. 2 2007 Accounting Information Qualitative Characteristics Gap: Evidence from Jordan Ahmad N. Obaidat Tafila Technical University‚ Tafila‚ Jordan [Abstract] The general objective of financial reporting is to provide useful information to present and potential investors‚ creditors‚ and others to help them make investment‚ credit‚ and other decisions. The purpose of this paper is to find out whether there is an existing gap concerning the importance
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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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International convergence of accounting standards is not a new idea. The concept of convergence first arose in the late 1950s in response to post World War II economic integration and related increases in cross-border capital flows. Initial efforts focused on harmonization—reducing differences among the accounting principles used in major capital markets around the world. By the 1990s‚ the notion of harmonization was replaced by the concept of convergence—the development of a unified set of high-quality
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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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