International Financial Reporting Standards

    Page 4 of 34 - About 332 Essays
  • The Effect Of Big Data On The Field Of Accounting

    accounting was the alteration of leases on the balance sheet. According to a blog by Jason Bramwell on Accountingweb, the new rule on leases requires “companies to report most leases on their balance sheets and puts an end to the off-balance-sheet reporting of assets and liabilities related to the rights and obligations created by operating leases” (Bramwell, 2016). Although this change to the rule is general, it affects Big Data and Analytics. While firms and manufacturing companies begin to…

    Words: 1129 - Pages: 5
  • Influence Of Culture On Accounting Essay

    how different aspects of society have an impact on personal lives as well as accounting. Environment does have an effect on accounting (Cerne, 2009). There are of course differences that do occur because of the adoption of the International Financial Reporting Standards (IFRS), and Generally Accepted Accounting Principles (GAAP. Many studies have been performed to understand the attributes of culture. One study that of culture was by Geert Hofstede in the early 1980’s. It is because of his…

    Words: 2244 - Pages: 9
  • Case Study: Divisions In Overseas-Chinese Banking Corporation

    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, operational, liquidity and other key risks for the bank and its financial subsidiaries. Within the division, risk officers are committed to establish policies, measurement, monitoring and methodology focusing on risk profile and…

    Words: 1755 - Pages: 8
  • Income Statement Definition

    leaders and potential investors to clearly illustrate the financial health of an organization. It is important to fully understand the information provided within the income statement to accurately ascertain the information provided. A mistake made in the creation of an income statement can have massive consequences. Business leaders must clearly understand policies regarding revenue and expenses in order to correctly assess the financial stability of an organization using its income…

    Words: 1136 - Pages: 5
  • Internal Controls Within The Accounting Systems Of SML

    2.2 The findings within the report are that a clocking in card system is implemented across the organisation. This would cost the organisation approximately £22,440 (Appendix 5). The staff will require minimal training on how to use the clocking in machines. The machines come with user manuals. 2.3 Another key finding of the report is to bring in Sage computerised payroll package. This will help make calculating wages, holiday pay and taxable benefit calculations simple, from the information…

    Words: 1379 - Pages: 6
  • Revenue Recognition: Ongoing Convergence Between FASB And IASB

    to report revenue. Under each body, there are different standards for various kinds of revenue. The FASB has topic 605 (Revenue Recognition). The IASB has IAS 18 (Revenue) and IAS 11 (Construction Contracts). The result was absence of uniformity in revenue recognition method across industries and geographical locations. The update was created to minimize these differences between FASB and IASB, and provide a general framework for reporting revenue that can be used across different industries and…

    Words: 1380 - Pages: 6
  • The Impact Of Ifrs On Current Tax Planning Strategy

    The Effect Of IFRS On Current Tax Planning Strategy Introduction Any organization that has just started to adopt the IFRS would be considering the sort of impact that it would be having on its financial reporting. However, equally important is to understand the sort of impact it is going to have and the tax liability of the organization. Thus it is important to look and understand what sort of impact the IFRS is going to have as far as the tax accounting is concerned. This paper would also…

    Words: 757 - Pages: 4
  • Financial Derivatives Of Derivatives

    accounting. So to begin, a basic understanding of derivatives is that they are a binding contract between two or more parties. The contract is for a future transaction of some underlying financial asset. The purpose for companies to implement derivatives are to aide them in managing risk by using a type of financial forwards, futures, options, or swaps. For example, a forward contract is when Company A believes Company B’s stock price will substantially increase over the next year. However,…

    Words: 881 - Pages: 4
  • Why Does A Business Firm Use Depreciation?

    determine the depreciation and how it impacts on various financial statements/accounts like cash flow, profit and loss and assets. Table of contents Abstract 1. Introduction 2. What is Depreciation? 2.1 How do assets depreciate? 2.2 How is Depreciation calculated? 3. Why does a business firm use Depreciation? 4. Methodology of Depreciation 4.1 Straight Line Method 4.2 Double Declining Balance Method 5. Effects of Depreciation on financial…

    Words: 1897 - Pages: 8
  • Advantages Of Medical Billing

    In these questionable times, with all the changing directions of how cases are submitted, gotten and handled by Insurance Carriers, it can be very overpowering fiscally. The most widely recognized inquiries asked are... Am I gathering the most extreme sum conceivable? How would I know I am gathering however much as could be expected? In what capacity would I be able to build my income? Maybe a Medical Billing Service could answer these inquiries and quiet the apprehension that is connected with…

    Words: 1380 - Pages: 6
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