Department of Accounting and Business Studies (DITEA)‚ University of Genova‚ Genova‚ Italy and ∗ ∗ Department of Computer and Management Science (DISA)‚ University of Trento‚ Trento‚ Italy (Received September 2008; accepted February 2010) ABSTRACT The IFRS mandatory adoption in European countries is an excellent context from which to assess the validity of accounting choice theory‚ which postulates that information asymmetry‚ contractual efficiency (agency costs) and managerial opportunism reasons
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International Financial Reporting Standards by US issuers beginning in 2014 include milestones such as the improvement of accounting standards‚ funding of the International Accounting Standards Committee Foundation‚ improved ability to use interactive data for IFRS reporting‚ improved education and training in the United States (Schroeder‚ Clark‚ & Cathey‚
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the best interests of both the private and public sectors in the Australian economy (Bowrey 2007). 1a. Reason for the FRC Decision On 2005 FRC decided that Australia would adopt as much as it can from International Financial Reporting Standards (IFRS)‚ only to the extent where the culture or other factors would not impede the decision. It brought about a swirl of changes in Australia where accounting standards were unparalleled in Australian financial reporting history. As FRC sets strategic directions
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Assignment of Borrowing and Lending Activity: Presentation of cash flows from the revolving line of credit. 2. Recommendations for Presentation: the use of net or gross basis when reporting borrowing and payment activities. 3. Applications of the IFRS standards: IFRS standards that apply to Buck’s statement of cash flows (SCF) and how they are differentiated from the U.S. GAAP. Section 1: Assignment of Borrowing and Lending Activity One of Buck’s largest decisions lies in the assignment of borrowing
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Background Smooth Sailing is a private company that operates one cruise ship. Recently‚ pirate activity in the area where the cruise ship operates has increased‚ thus affecting the cruise ship’s potential future cash flows. The cash flow decline has directly contributed to a decline in the overall fair value of the cruise ship. Smooth Sailing has determined three possible options for its future‚ along with the probabilities of occurrence and estimated cash flows (ECF): 1. Continue operating
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goods to a third party. This rule applies to both ASPE and IFRS standards. They currently recognize revenue upon shipment‚ however under the new IFRS 15 guidelines‚ this approach cannot be taken. In order to meet IFRS 15 standards‚ the five step model must be taken into consideration. The first step being the acknowledgement of a contract with a customer‚ which in the consignment issue‚ does not exist. The
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Commission (SEC) of the U.S. has recently proposed that all U.S. firms be required to issue financial statements in accordance with IFRS by 2014. Under IFRS‚ the rules for measurement of fixed assets are presented in IAS 16‚ which allows firms to choose either the cost model or the revaluation model. In this study‚ I investigate the effect of adopting the IFRS standard for fixed asset revaluation by examining the relationship between changes in revaluation reserves and stock prices. Out of
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Chapter One Introduction to International Accounting Learning Objective 1. Understand the nature and scope of international accounting. 2. Describe accounting issues created by international trade. 3. Explain reasons for‚ and accounting issues associated with‚ foreign direct investment (FDI). 4. Describe the practice of cross-listing on foreign stock exchanges. 5. Explain the notion of global accounting standards. 6. Examine the importance of international trade‚ FDI‚ and
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Sunday‚ September 26‚ 2010 from http://www.google.com/finance?q=NYSE:AMR Daimler AG. Retrieved on Sunday‚ September 26‚ 2010 from http://www.google.com/finance?q=ETR:DAI Financial Accounting Standards Board‚ (2010) http://www.fasb.org IFRS Foundation. (2010). IFRS. Retrieved from http://www.iasb.co.uk/ International Accounting Standards Board‚ (2010). Retrieved September 2010 from http:// www.iasb.org Macy’s Asset Utilization. Retrieved on Sunday‚ September 26‚ 2010 from http://ycharts.com/companies/M/asset_utilization
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(2009‚ December). The Financial Accounting Standards Board. Retrieved 2012‚4-April from www.fasb.org: http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176155633483 6. IASB. (2011‚ May). The IFRS Foundation and the IASB. Retrieved April 13‚ 2012‚ from www.ifrs.org: http://www.ifrs.org/nr/rdonlyres/b8c43bf6-eb8b-4275-95fe-ee77335d5e51/0/consolidationeffectanalysis06092011.pdf 7. Khasawneh‚ R. (2007). Leaking like a SIV. Risk ‚ 20 (10)‚ 65-67
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