International Financial Reporting Standards

    Page 2 of 34 - About 331 Essays
  • IFRS And Economic Growth

    integration of both national and world economy, an absence of a unified and well transparent system of financial reporting will distort investment across national boundaries (Beke, 2010; Epstein, 2009; Meeks and Swann, 2009). Comparatively,…

    Words: 1986 - Pages: 8
  • Why Is Human Capital Important?

    These are not tangible and therefore another standard may be applied for these incorporeal assets, IAS 38 Intangible assets (IASB, 2014). The standard’s objective is prescribing an accounting treatment for intangible assets. This entails criteria for recognition as well as how to measure the carrying amount of intangible assets. Lastly this standard requires certain disclosure for any recognised intangible assets (IASB, 2014). IAS 38 defines intangible…

    Words: 5356 - Pages: 22
  • Uniform Financial Reporting Standards

    In order to approach this topic for discussion, we should first clarify the meaning of key terms introduced in the thesis and examples of the levels at which they exist. Financial reporting standards are defined most cleanly as a set of guidelines and rules for conveying formal records of financial activities of an entity, capable of being applied consistently across the level at which they are designed. This can be locally, within a small or independent economy, or globally, as is the case with…

    Words: 1655 - Pages: 7
  • The Importance Of Accounting In Accounting

    The statement of financial position is a statement that is usually produced at the year-end will shows how well a business is flourishing and allows outsiders to assess how it is performing at the year-end date. The statement of financial position lists the liabilities, assets and the owner’s capital showing what they owe, own and the proprietors funds at that point in time. The…

    Words: 718 - Pages: 3
  • Pros And Cons Of GAAP

    multinational levels largely require to embrace common set of financial reporting frameworks in a bid to enhance uniformity and consistency in financial reports. Different countries all over the world have been evident to adopt varying standard that govern the presentation and recognition of the items in financial reports. However, with the current trends towards globalization, companies in the US have grown interests in embracing standards that govern MNCs and global firms. It is however worth…

    Words: 713 - Pages: 3
  • IFRS: Most Acceptable Financial Reporting System

    2014 IFRS Impact on AIS As more companies are going global, the need for an internationally comparable and understandable financial reporting system increased exponentially. IFRS becomes the most acceptable financial reporting standards worldwide. The trend of converging with IFRS has been driven by the demand of global investors, because a single set of financial reporting system will facilitate their decision-making process in the global context. In 2002, all European companies were required…

    Words: 1070 - Pages: 5
  • Polluter Corp Case Study

    intangible asset method does not recognize third party buyers of emission allowances. The cash flow classifies the inflow and outflow as investment. The Statement of Financial Accounting Standards defines emission allowances as Goodwill and Intangible Assets. This is because they do not meet the definition of financial asset, although, they lack in physical substance. Emission allowances are considered an asset because they are readily converted to cash; an example is the disposal of…

    Words: 1161 - Pages: 5
  • Importance Of Reporting Intangible Assets

    Reporting Intangible Assets Accurate financial reporting of an organization is very important in today’s modern business world. Intangible assets play a critical role in the valuation of an entity as they may bring significant value to the table. An intangible asset is an identifiable nonfinancial asset which lacks physical properties according to both the international community as well as the standards set by the United States. Intangible assets include items such as such as trademarks,…

    Words: 758 - Pages: 4
  • Fasb Convergence Case Study

    toward convergence of existing U.S. standards not included in the convergence project to IFRS. This, according to Beswick, would ensure that existing guidance was appropriate for U.S. companies on a standard to- standard basis; when the IASB would issue new standards, FASB would decide whether to adopt them. As described in a May 2011 SEC staff paper, Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. issuers:…

    Words: 392 - Pages: 2
  • The Importance Of Accounting Standards

    According to FASB’s The Structure of Establishing Accounting Standards, “The process of setting accounting standards can be described as democratic because like all rule-making bodies the board’s right to make rules depends ultimately on the consent of the ruled”. One of the advantages of the process is that external parties are invited to comment on exposure drafts or present testimony during roundtable discussions. The history behind SFAS No. 123 provides us with a prime example of external…

    Words: 1540 - Pages: 7
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