International Accounting Standards Board

The Notion That Uniform Standards Alone Will Produce Uniform Financial Reporting Seems Naïve Ali Raza Roll No. MB2M-16-05 Institute of Management Sciences, Multan • Introduction In this assignment, I have studied the reasons which encourage the countries to maintain national differences in IFRS. Then identified the ways by which national differences are inculcated in the IFRS. National differences in the IFRS eventually creates the un-uniform IFRS financial reporting quality. But, there are…

carefully from many different angles. When dealing with organizational issues at an international level, one must consider the language and culture differences, currency, and legalities regarding the alien country. Different countries follow different accounting principles, GAAP is only used in the U.S., which led to the formation of IFRS that works as a common set of accounting principles used at an international level, between many different countries. One of the main challenges faced when…

financial statements prepared by a firm must be based on certain concept. Accounting concept is a guideline or regulation standards have been generally accepted and recognized in the processing and presentation of accounting data. The aim of concept is to ensure that financial reports were made honestly and fairly and to avoid distortion in the practice of accounting. Thus, the concept must be known to understand the accounting process. We want to discuss about meaning, practical instance,…

the accounting processes and procedures can be complicated and require the use of many resources to prepare accounting documentation that is required by law. Specifically, the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) which are the standing guidelines for accounting, differ enough to make the processes redundant. GAAP is the U.S. standard for accounting while IFRS which is governed by the International Accounting Standards Board…

Chambers is widely acknowledged as one of the leading academic contributors to the art of accounting. His development, Accounting, Evaluation and Economic Behavior propounded a comprehensive theoretical foundation for a style of accounting, Continuously Contemporary Accounting (CoCoA), that would control mistaken, avoid the unnecessary and fraud in accounting practice. CoCoA was first presented at length in Accounting, Evaluation and Economic Behavior in 1966. It is consistent with a large body…

means of generating profits and increasing equity. Revenue recognition is an accounting principle under generally accepted accounting principles (GAAP) that determines the specific conditions under which revenue is recognized or accounted for. Generally, revenue is recognized only when a specific critical event has occurred and the amount of revenue is measurable. The FASB has accepted that current Generally Accepted Accounting Principles (GAAP) involve complex and disparate revenue recognition…

Introduction The following research paper is about the new joint revenue recognition principles that were unveiled by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), which standardizes generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) on recognition of revenue in the United States. The new joint revenue recognition principle was created to increase the financial transparency and the…

International Financial Reporting Standards are a set of high quality and complex accouting standards for the preparation of consolidated financial statements. International Accounting Standards Board set a mission to develop IFRS to promote transparency, accountability and economic efficiency in global capital markets (IFRS 2015). By regulating the financial reporting globally, IFRS enhance financial reporting transparency. Adopting IFRS, euqities are required to disclose financial performance…

Q1: The AASB 138 had been adopted by the reporting entities in Australia after the introduction in the International Financial Reporting Standards (IFRS). It became effective for reporting companies on or after 1 January, 2005. This introduction would completely change the way it is recognized and measured for accounting purposes as per the Australian standards. The main motive behind the introduction of this section is to identify how the non-monetary assets shall be represented in the…

Culture, gender, and demographics play a big role in the failure of convergence according to the articles I found. Gender has always had an impact on industries around the world but one industry we cannot afford to have bias or favoritism in is accounting. Businesses, investors, and citizens of the community rely heavily on the honesty and unbiased opinion of companies they give their money to. With the controversy over these two practices going on there is less and less reliability success in…