reporting’ is ideal but untrue. The standard referred to in this essay will be the International Financial Reporting Standards (IFRS). Adoption of IFRS‚ which include old and revised IAS‚ was the approach selected by Europe and many other countries. More than 100 countries have agreed to require or allow adoption of IFRS‚ or have established timelines for the adoption of IFRS. However‚ not all 122 jurisdictions that follow it will have the same standards set for financial reports produces. Additionally
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1. History of International Financial Reporting Standards (IFRS) …………… 2 2. Advantages and Disadvantages of Adopting IFRS ……………….. 4 2.1. Advantages…………………………………………………………………………4 2.2. Disadvantages………………………………………………………………………………..5 3. Similarities and Differences between IFRS and U.S.GAAP......6 3.1. Similarities between IFRS and U.S. GAAP.......................................7 3.2. Differences between IFRS and U.S. GAAP……………………………………..10 4. International Accounting Harmonization…………………………
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are responsible for many inconsistencies in international financial reporting. Domestic accounting standards‚ collectively referred to as U.S. GAAP‚ or Generally Accepted Accounting Principles‚ are set and maintained by the Financial Accounting Standards Board (FASB)‚ while international standards‚ known as International Financial Reporting Standards (IFRS)‚ are issued by the International Accounting Standards Board (IASB). Citing the detrimental effects of accounting fraud by several large publicly
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IFRS versus GAAP Comparison Jennifer Brown‚ Jason Hammock‚ Dominec Pietrandrea‚ Anne Risley‚ Inga Wedderburn ACC/291 November 24‚ 2014 Kevin Waters IFRS versus GAAP Comparison In the United States‚ companies use an accounting method referred to as Generally Accepted Accounting Principles (GAAP). While the U.S. has structured GAAP to align all reporting for U.S. businesses‚ it is different from most other countries accounting standards. International Financial Reporting Standards (IFRS) is an accounting
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Topic: IFRS and US GAAP in the Oil and Natural Gas Industry Summer 2013 July 17‚ 2013 Introduction Many countries in the world speaks many different languages when it comes to financial reporting. When one compare the accounting standards years ago to what is seen today‚ it’s shown that investors tolerated a great deal. As the markets are becoming global‚ investors are choosing the better global accounting standards that are available to them. For this reason‚ this paper will point out the International
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Commission) which oversees the accounting practices of publicly traded corporations. Is currently implementing plans for the convergence of GAAP into the IFRS as the standard for the U.S. and the world. Currently 110 developed‚ mid level‚ and developing countries use the IFRS as their accounting standard. The SEC has stated that they would like to converge to the IFRS by the end of 2014 but have found that this imposes extra costs on firms in a time of economic uncertainty. One major point to take away
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Bonus Research Paper Chris Fluharty There have been many reports regarding the United States switching from Generally Accepted Accounting Principles (GAAP) in favor of the international standards‚ International Financial Reporting Standards (IFRS)‚ followed by most of the world. This modification would represent one of the prevalent accounting rule changes for public companies based in the U.S. Among other issues‚ it would likely dislodge the Financial Accounting Standards Board‚ or
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using IFRS standards. With that in mind‚ what are some of the challenges facing the accounting profession‚ and how do you see them affecting you in the future? Provide specific details to support your opinion in your response. Initial Professor and Class‚ Countries using International Financial Reporting Standards rules and guidelines can be somewhat complicated because IFRS sets its own rules how companies prepare and disclose their financial statements. Whereas‚ U.S. GAAP guidelines
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Chapter 6 (Case 6-1 CHINA PETROLEUM AND CHEMICAL CORPORATION) 1.The net profit figure reported under PRC GAAP is RMB 19‚011 million. This is RMB 2‚592 million lower than the amount under IFRS‚ and RMB 6‚566 million lower than the amount under U.S. GAAP. The net profit figure of RMB 19‚011 reported under PRC GAAP was increased to RMB 21‚593 under IFRS. The increase of RMB 2‚582 under IFRS was due to the following reasons: Dep. and disposal of oil and gas properties RMB3‚044 Acquisition of subsidiaries
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In the United States‚ the Financial Accounting Standards Board (FASB) has been the organization that establishes standards that govern the preparation of financial statements‚ known as the United States Generally Accepted Accounting Principals (US GAAP). Many countries have established their own national accounting standards as well; however‚ as international business and trade increases‚ so does the need for a common set of accounting standards. In response to this need‚ the International Accounting
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