Dick’s Sporting Goods IFRS Conversion Introduction Dick’s Sporting Goods is a sporting goods retailer headquartered in Pittsburgh‚ Pennsylvania. Dick’s has 451 stores nationwide and 81 Golf Galaxy stores. Dick’s Sporting Goods was founded by Richard Stack in the early 1960s. This paper is focused on the notes of the consolidated financial statements which are changed from U.S. GAAP to the IFRS standards. Financial Statement Presentation First‚ on the 2011 Annual Report of Dick’s Sporting
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Corporations in Australia have started adopting IFRS as its domestic financial reporting standards since 2005. Although AIFRS applied almost whole contents and wording of IFRS‚ owing to the different domestic legislative environment‚ some modifications were needed and included the removal of certain options permitted or wording changes under IFRS. The species of these differences that exist between IFRS and AIFRS can be universally sorted as follow: 1. Recognition differences. 2. Measurement
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ey.com/IFRS Issue 2 / May 2011 IFRS Developments What you need to know • Common requirements now exist between US GAAP and IFRS on how to measure fair value • IFRS 13 does not change when an entity is required to use fair value‚ but rather‚ provides guidance on how to measure the fair value of financial and non-financial assets and liabilities when required or permitted by IFRS • While many of concepts in IFRS 13 are consistent with current practice‚ certain principles‚ such
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| MEXICAN GAAP (MEXICAN FRS) | US GAAP | Inflation | Effects of inflation should be recorded on the financial statement.Included in the results of operations is a gain or loss from monetary position that represents the inflation gain or loss from maintaining net monetary liabilities or assets‚ respectively. | In the U.S. GAAP no gain or loss on monetary position is recognized in the financial statements. | Deferred Taxes | Mexican GAAP recognizesDeferred tax effects for all transactions that
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Who Sets “GAAP” Internationally? A brief history: • In the past‚ each country or jurisdiction generally had its own national standard setter. • Beginning in 1973‚ the International Accounting Standards Committee (IASC) began issuing guidance that was largely voluntary. – Goal: To harmonize global accounting standards. – Took on a new momentum in 2000‚ when EU announced plans to adopt. – In 2001‚ the IASB replaced the IASC. • Today‚ nearly 120 countries require or permit the use of IFRS. – Notably
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items should be sufficiently detailed to enable identification of material components under US GAAP. In contrast the Financial Instruments and Exchange Act requires Japanese GAAP to present items in a more detailed manner compared to IFRS and US GAAP. Thus Bridgestone‚ following JP GAAP have more accounts on the face of the balance sheet than Goodyear under US GAAP. Further‚ both US GAAP and JP GAAP requires the balance sheet items to be grouped or categorized as current assets‚ property plant
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IFRS... in India International Financial Reporting Professor Uri Ronnen Year:2012/2013 Table of Contents What is IFRS?...........................................................................................................2 What is the difference between Adoption and Conversion of IFRS ...............4 The current situation of Accounting India :If the conversion is not a problem the total adoption is still delayed ………………..........................………
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Task 2: Discuss the fear expressed by the chairman of SEC (USA) that there is a possibility of the world moving towards at least three versions of IFRS- namely IASB IFRS‚ EU IFRS and US IFRS. Introduction With the introduction of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)‚ the world is one step closer to achieving a global set of accounting standards comprehensible by different users of financial statement worldwide. The benefits of using these
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2011. Pp.125 - 136 IFRS Implementation in India: Opportunities and Challenges Pawan Jain1 One of the foremost requirements to operate a Business successfully is to have a good financial reporting system in place. Keeping this in mind‚ Accounting Professionals and Accounting Bodies across the globe‚ during last decade‚ had tried to put a financial reporting system in place which is harmonized‚ robust and have extensive applicability. IASB (formerly IASC) came out with IFRS which were adopted
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Charlotte Stevens 02/13/13 GAAP Cases A) The amount shouldn’t be included on the balance sheet of the business because there isn’t even half a chance that the debt will be paid. The generally accepted accounting principle that affects this situation is the going concern concept because there is a good chance that the debt won’t be paid. B) The amount that should be recognized under the accounts
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