MGT 4045 / 6045 ARTICLE WRITE-UP #8 – TAB K READINGS (IFRS & CONVERGENCE) WRITE-UP DUE: Thursday‚ 10/28/10 1. Explain the rationale for the global harmonization of financial reporting and disclosure requirements. -Make the financial statement more comparable across the global market so investors can invest their capital in more efficient comparable. 2. Identify two groups that are exerting pressure for pursuing global harmonization. How do these two groups stand to benefit from harmonization
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comments on the creation of a set of accounting rules for the zone. He comments on the irony of the future survival of these rules‚ however as of this moment the currency itself has more issues and its future is unclear. The author then comments on the IFRS adoption rules and goes beyond the question of whether or not they can be standardized. There is more doubt on the fact that it is not sure if the standards will be assimilated by all the countries‚ what markets will be available‚ if the rules are
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CHAPTER 23 STATEMENT OF CASH FLOWS IFRS questions are available at the end of this chapter. TRUE-FALSe—Conceptual Answer No. Description F 1. Primary purpose of the statement of cash flows. T 2. Information provided by statement of cash flows. T 3. Classification of operating activities. F 4. First step in cash flow statement preparation. T 5. Reconciling beginning and ending cash balances. F 6. FASB’s recommended method. T 7. Decrease in accounts receivable and cash-basis revenues. F
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contingent liabilities‚ no specific accounting is made in advance of those risks. On the balance sheet‚ a loss is recorded (debit) and a credit to a liability account. A few differences occur regarding contingency reporting under IFRS vs. GAAP. The recorded amounts under US GAAP standards require the low end of the range of estimates to comply with the conservatism principal. Under international law‚ the midpoint of the estimates is recorded on the balance sheet. Basic terminology‚ recognition‚ and measurement
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CHAPTER 1 FINANGIAL ACCOUNTING AND ACCOUNTING STANDARDS OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business
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Argosy University COURSE SYLLABUS B7252 International Accounting and Taxation Faculty Information Faculty Name: Dr. Roberto Castaneda‚ CPA Campus: Chicago Contact Information: 312-498-2028 or rcastaneda@argosy.edu Office Hours: 8AM to 8PM Mon thru Sat‚ 8AM to 1PM Sun Short Faculty Bio: ABOUT the PROFESSOR Roberto Castaneda received his graduate degree (DBA) in Accounting from Argosy University; (MM/MBA) in Marketing and Finance from Northwestern University‚ and his undergraduate degree in
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to further improve an advanced conceptual framework for International Financial Reporting Standards (IFRSs) and US Generally Accepted Accounting Practices (GAAP) (Norwalk 2010). Basically‚ the conceptual framework is an attempt to express the nature and purpose of accounting and when concerned to financial reporting‚ it was considered a GAAP statement that create a reference frame for the evaluation of current practices and the development of new ones (ACCA 2011). First of all‚ there is a need
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convergence project. With more business’s doing business globally financial reporting is an issue among the differing countries. Some countries report their financial differently‚ while the United States uses Generally Accepted Accounting Principles (GAAP) the convergence project aims at making a uniform set of international accounting standards. This paper is going to give a brief history of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements. This paper
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the emergence of the IASB-FASB joint project on revenue recognition. The most essential reason is‚ as stated in the exposure‚ that revenue recognition requirements in US Generally Accepted Accounting Principles (GAAP) differ from those in International Financial Reporting Standards (IFRS). Opponents of the IASB’s preferred single comprehensive income statement‚ many of whom are preparers of accounts‚ are afraid that comprehensive income/revenue‚ possibly based substantially on fair value measurement
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Should emgs go public in Norway or the US? The manager tried to decide whether emg list on Oslo Bors or U.S exchange. The detailed analysis follows up: • Initial preparation efforts and cost The Oslo Bors listing may be much easier and cheaper choice than the U.S exchange one. The financial policies and principles are not big problem since emg had already change its accounting from the Norwegian krona to U.S dollars. However‚ the U.S listing will cost more upfront legal fees‚ recruitment fees
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