International Financial Reporting Standards

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  • International Financial Reporting Standards Essay

    Holly Shilling Dr. David Morris March 20, 2016 Accounting 2102 International Financial Reporting Standards Say you want to buy stocks in a cell phone manufacturing company. How do you know which company to invest in? A good business plan would be to compare the financial statements for each competing company. A task as such would be nearly impossible if there were not a standard system of financial records. In 1973, with the growing amount of international trade, the International Accounting Standards Committee decided to create a set of new accounting standards for the European nations. The International Financial Reporting Standards (IFRS) were created in an attempt to communicate easily tradable financial records for the countries of Europe…

    Words: 898 - Pages: 4
  • International Financial Reporting Standards And Relationsual Frameworks

    Introduction Generally accepted accounting principles (GAAP) are defined as the common set of accounting principles, standards and procedures that companies must follow when they report their financial statements. It is aimed at improving the clarity of the communication of financial information. International Financial Reporting Standards (IFRS) on the other hand, is referred to as a single set of accounting standards, created and enhanced by the International Accounting Standards Board (IAS)…

    Words: 737 - Pages: 3
  • The Importance Of The International Financial Reporting Standards

    to the SEC The International Financial Reporting Standards, also known as IFRS, are a set of accounting principles that are used globally. They were created by IASB, the Independent Accounting Standard-Setting Body. Over the past several years, the U.S. Security and Exchange Commission, also known as the SEC, has provided information and commented on whether or not investors and issuers of financial statements should use International Financial Reporting Standards to prepare their financial…

    Words: 1060 - Pages: 5
  • The Importance Of International Financial Reporting Standards

    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…

    Words: 1552 - Pages: 7
  • Case Study Of Wal Mart And The International Financial Reporting Standards

    In 2008, the US Security and Exchange Commission announced its plans to force US companies to switch from the General Accepted Accounting Principles (GAAP) to the International Financial Reporting Standards (IFRS). In the US, GAAP are the accounting procedures that companies are required to follow when generating the company’s financial statements. (Investopedia, n.d.) While the IFRS is the international accounting standards in which business transactions are reported in financial statements.…

    Words: 1149 - Pages: 5
  • Accounting Convergence

    frequent. The language of accounting such as financial report used by international society generally, plays an important role in the process of economic globalization. At the same time the people involved are having a higher demand for it. Bushman (2003) argues the quality of the accounting information, especially the reliability and comparability often directly determine the quality and consequences of market transactions. Also the quality of the accounting information affects the efficient…

    Words: 831 - Pages: 4
  • International Auditing Standards Case Study

    In the year 2016, the board published two copies of the reviewed International Auditing Standards that considered the integration of the United States auditing standards. The board also completed its project on integrating the United States auditing process and the International auditing Standards and announced the availability of the revised edition handbooks (Jaruga, Fijalkowska, Jaruga-Baranowska & Frendzel 2007, p. 70) The Implication of the International Standards on the U.S Companies The…

    Words: 1543 - Pages: 7
  • Ethical Issues In Accounting Essay

    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 economic decisions. Using the figures, prepares of financial statements send the message to shareholders and other users. The activities of financial statement prepares may alter the message that will be transmitted to users. This behavior is known as…

    Words: 1031 - Pages: 4
  • The FASB And The IASB (IFRS)

    rules-based accounting standards under the U.S. Generally Accepted Principles, with principles-based accounting standards under International Financial Reporting Standards, adoption of IFRS is inevitable. Leading the push for a single set of high-quality International accounting standards is the U.S. Securities and Exchange Commission (SEC), a government appointed body. The SEC’s call to action has prompted the shift away from U.S. GAAP toward the globalization of accounting standards through a…

    Words: 1043 - Pages: 5
  • IFRS And Economic Growth

    the host economy to take advantage of the potential spillover effects of FDI. This suggests an inevitable roles institutions or intermediaries play to lure foreign capital flows and for that matter economic growth as Shaw (1973) recognized the importance of institutions in enhancing capital accumulation and economic growth. Taking cues from Alfaro, et al (2004) and Shaw’s (1973) emphasis on the role of institutions in the growth literature, the general assertion remains that, in the current…

    Words: 1986 - Pages: 8
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