IFRS: ITS RELEVANCE‚ CHALLENGES AND BENEFITS. Dr. J.Bordoloi‚ Associate Professor‚ Haflong Govt. College bordoloijyotish27@gmail.com Ms. B.Bordoloi‚ Assistant Professor‚ Lakhimpur Commerce College bohnisikha.bordoloi@yahoo.com Key Words: Harmonize‚ Convergence‚ Comparability‚ Reliability‚ Credibility‚ Understandability. Abstract: The accounting standards are the ideal and standardized practice of accounting which aims to harmonize the accounting language. However the
Premium International Financial Reporting Standards
The Relationship Between Relevance and Reliability Accounting information provided by accounting entity must reach a certain quality standard‚ so that it can meet the users’ needs of accounting information. Financial accounting information quality has four basic characteristics‚ can be understandability relevance‚ reliability and comparability. Two of the greatest impacts on the accounting of the main accounting policies are relevance and reliability. When we compare and contrast any two subjects
Premium Decision making Decision theory Future
are some of the key differences between IFRS and U.S. GAAP? The International Financial Reporting Standards (IFRS) - the accounting standard used in more than 110 countries - has some key differences from the U.S. Generally Accepted Accounting Principles (GAAP). At the conceptually level‚ IFRS is considered more of a "principles based" accounting standard in contrast to U.S. GAAP which is considered more "rules based." By being more "principles based"‚ IFRS‚ arguably‚ represents and captures the
Premium Balance sheet Generally Accepted Accounting Principles Financial statements
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
Premium Generally Accepted Accounting Principles International Financial Reporting Standards Depreciation
9/27/11 Acct-461V GAAP vs. IFRS Over a decade ago‚ it was believed that the whole world would likely adopt the Generally Accepted Accounting Principles (GAAP). At the point in time‚ the International Financial reporting Standards (IFRS) was only about ten years old. In the last decade‚ the IFRS has been adopted in many growing countries. Currently‚ it is anticipated that the U.S. will converge its GAAP with the international IFRS‚ leaving behind only a modified IFRS. This may occur as early
Premium International Financial Reporting Standards Balance sheet Financial statements
IFRS vs. GAAP Teddrick Smith ACC/ 291 Professor Marlo October 27‚ 2014 IFRS vs. GAAP In the world of finance recording‚ reporting‚ and responsibility for both are a few of the most important standards to uphold. These ideas or standards are recognized throughout the business world as a necessity to doing business properly. There are two groups or associations that have set up an all-inclusive list of these standards. They are Generally Accepted Accounting Principles (GAAP) and the
Premium International Financial Reporting Standards Financial statements Generally Accepted Accounting Principles
2013/5/19 Group Five GAAP VS. IFRS US GAAP Codification Determination of Inventory Costs 330-10-30-9: Cost for inventory purposes may be determined under any one of several assumptions as to the flow of cost factors‚ such as first-in first-out (FIFO)‚ average‚ and last-in first-out (LIFO). The major objective in selecting a method should be to choose the one which‚ under the circumstances‚ most clearly reflects periodic income. May an entity elect LIFO method for inventory cost? IAS 2 Inventories
Premium Inventory FIFO and LIFO accounting Generally Accepted Accounting Principles
MGT 6030 IFRS vs. US GAAP assignment In this assignment‚ I will talk about four ways in which financial reporting can differ between US GAAP and IFRS. The first issue is the way in which inventory is carried from period to period. Another is the revaluation of Property‚ Plant‚ and Equipment‚ which is allowed under IFRS. US GAAP does not allow such flexibility. The next difference I found interesting was that US GAAP has specific guidelines surrounding when to expense Advertising Costs. Given how
Premium Balance sheet Generally Accepted Accounting Principles Financial statements
prefer the adoption of IFRS principles because of its incompatibility with US Style Corporate Governance‚ its inefficiency compared to GAAP‚ and its inability to improve the present system. I. Introduction A. Current events about the topic (status quo) B. Definition of Generally Accepted Accounting Principles and International Financial Reporting Standards C. Thesis statement II. Body A. Major detail #1: The major difference between IFRS and GAAP is that IFRS requires more discretion
Premium International Financial Reporting Standards Financial statements Financial Accounting Standards Board
The FASB takes an interest effectively in the improvement of IFRS‚ giving info on IASB ventures through the IASB’s Accounting Standards Advisory Forum (ASAF) and through different means. The FASB adds to the improvement of IFRS by sharing perspectives in light of its past experience or created through the FASB’s expected procedure‚ partner effort‚ examination‚ and thoughts. We trust our endeavors to enhance GAAP advantage from the global viewpoints increased through our cooperations with the IASB
Premium Management Globalization Strategic management