International Accounting Standards Board

Abstract. The article reviewed was Creative Accounting: Some Ethical Issues of Macro- and Micro-Manipulation. The abstract emphasizes the manipulative behavior of regulators and company management. The macro- and micromanipulation is considered as attempts to modify financial statements (p. 55). Introduction. The authors studied ethical considerations and manipulative behavior of prepares of financial statements. Financial statements should be reliable so interested parties can make adequate…

Although the International Financial Standard Reporting (IFRS) of the International Accounting Standard Board has gained strong support worldwide, IFRS should not be adopted as a global reporting standard. First, the IFRS adoption does not cause rising of globalization, as it supporters may have claimed. Second, IFRS is not superior to other national general accepted accounting principles (GAAP), in particularly to the U.S. rules-based GAAP. Third, IFRS fails to deliver uniformity as a…

Financial accounting is used to keep track of money movement within an organization. Businessmen and women must have some familiarity with the world of accounting to prevent problems or mistakes from getting out of control. In the global market of today, an organization’s inability to accurately report financial standing can cause major ripples through the global economy. An underperforming accounting department can ruin a business’ prospects for success in the future. Business leaders must…

withhold some of their pay or the papers themselves, making it very hard for the migrant to move jobs should conditions become unbearable. As migrants will often travel alone and be housed on-site by the company they work for, the risk of poor labour standards is high. The system is lucrative for local authorities as the migrants pay local taxes, but are not covered by local welfare benefits such as health care. As the official workers’ union is government controlled, it has no autonomous power…

team to prepare a fair consolidated financial statement. According to the International Financial Reporting Standards, it is important that the consolidated financial statement of a company must disclose all information concerning the business. Auditors responsibility An auditor is responsible for auditing the consolidated financial statement in accordance to the Canadian generally accepted auditing standards. These standards are established to ensure that the consolidated financial…

It is important that financial statement to be relevant, transparent and truly represent the financial information in the accounting principle, therefore, updating clear and new accounting regulations and formulas is imperative in the fickle market. IFRS is used in around 100 nations (K and J, 2009), which is set by The International Accounting Standards Board (IASB) engages a close relationship with the stakeholder all over the world. In 2011, IASB issued IFRS 13 fair value measurement aim to…

Background Information The Generally Accepted Auditing Standards refers to standards that are used to audit Private Corporations (Sunder, 2010 P. 100). The standards are divided into three categories. The categories include; fieldwork standards, reporting standards as well as general standards. The general standards address the individual’s qualifications to become an auditor as well as the minimum standards for the work product. According these standards, an auditor must have adequate…

Where all five senior accounts staff report to the company accountant, who approves all payments along with the preparation of the monthly management accounts and reports for the finance director, George Bartlett who has overall responsibility for accounting procedures and systems. (Organisation chart Appendix1) 4.4 Systems Structure: The system structure is a decentralised one where all systems have their own computers. There are 38 computers in all in the head office in Nottingham and…

Stock Exchange ("NYSE") and NASDAQ to draw up. In UK there is the combined code followed and named as The UK Corporate Governance Code (Weil, Gotshal & Manges LLP, 2014). In the above mentioned codes of both UK and US, the chairman leads the board, sets the board agenda and ensures there is effective working group…

Diagram 3.1.1. Divisions in Overseas-Chinese Banking Corporation (OCBC) I am attached to one of the departments in the Group Risk Management division. At a glance, Group Risk Management (GRM) is an independent function that reports to the Group Chief Risk Officer, Vincent Choo, who is responsible for ensuring that risk management practices in OCBC are effective and comprehensive. GRM has financial responsibility in contributing independent risk control and management of credit, market,…