International Financial Reporting Standards

    Page 7 of 34 - About 331 Essays
  • Unit 2 Elements Of Territoriality Study Guide

    Elements of Territoriality Elements of Territoriality 1. Are the pedestrian routes clear and legible? 2. Are entry points into the area visible and well-defined? 3. Are there signs to locate where you are? 4. Are there sufficient way-finding maps / signs to key destinations? 5. Are there confusing levels/zones?* Elements of Surveillance In this second element there are 6 items being tested. The items are as shown and presented in Table 3.2 below. Table 3.2 Elements of…

    Words: 757 - Pages: 4
  • Audit Committee Case Study

    “Today, as never before, the role, responsibility, and accountability of the audit committee continue to be the focus of lawmakers, regulators, and shareholders. The audit committee's role in overseeing a company's financial reporting process, including the audits (and auditors) of the financial statements, is more visible and demanding.” (KPMG, 2003). The widening of the role of the AC is part of a greater plan in relation to the “globalisation” of corporate…

    Words: 1521 - Pages: 7
  • Importance Of Circular Economy

    The circular economy is defined as an economic system that revolves around the processes of recycling, reusing and recovery of materials (Kirchherr J, Reike D, Hekkert M 229.) CE (circular economy) was first introduced as a concept in 1989 by environmental economists David W. Pearce and R. Kerry Turner and has recently been adopted by a number of countries. In 2015, Denmark, Netherlands, Japan, Sweden and Scotland agreed on CE legislation (Braw. E). The circular economy is a relatively new…

    Words: 859 - Pages: 4
  • London Biscuits Berhad Case Study

    respective group companies are Magnum Group of Companies and London Biscuits Berhad Group. Based on my observations, several comparisons can be made on the tax disclosure between the two chosen companies. Firstly, the arrayed information on tax in the financial reports are more comprehensively done by Magnum compared to LBB. This is because the information and computation for the taxation in Magnum was more detailed and divided into several computations such as major components of income tax…

    Words: 1096 - Pages: 5
  • Fair Value Summary

    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…

    Words: 836 - Pages: 4
  • Generally Accepted Accounting Principles

    preparation of the required financial statements. Estimates in this case relate to the use of precise amounts in financial statement elements that cannot be precisely determined. Therefore the amounts are subjective and lack precision because they are plagued by the use of subjective management foresight to determine the values utilized in the financial reports. Where the use of estimates is encouraged there is definitely a lack of accuracy and reliability of the financial information…

    Words: 997 - Pages: 4
  • Accounting Standards Board (FASB) Regulates Accounting Practices In The United States

    of data. Accountancy boards standardize the methods these companies use to record financial information. To facilitate the business flow, the boards have cooperatively created a new revenue reporting standard. The boards have also outlined the basic steps all firms should take when making the transition. Depending on the entity, the boards expect firm’s to adopt these new practice by a given date. Managing Financial Data United States businesses revenues reach staggering heights. These…

    Words: 813 - Pages: 4
  • Generally Accepted Accounting Standards Board (FASB)

    Financial reporting communicates what a company’s financial and operational condition is at any specific time. To make the reporting clear and concise, the Financial Accounting Standards Board (FASB) created the Generally Accepted Accounting Principles (GAAP) which is a set of standards that includes a set of codes that provide structure and organization. (Spiceland, Sepe, & Nelson, 2013, pg. 10) Similarly, international countries have created their own set of accounting standards. However, in…

    Words: 732 - Pages: 3
  • Uniform Standards Alone Will Produce Un-Uniform Financial Reporting

    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…

    Words: 1756 - Pages: 8
  • Convergence Between US GAAP And IFRS

    In accounting terms, the process to harmonize the prevailing accounting standards that are issued by different regulatory bodies is called convergence. Although it is a known fact that the variety of accounting rules and practices around the world is due to the differences in culture, language, religion, education, and ideology and politics. However, the need of a single set of standards for the reporting of financial statements is becoming inevitable. With the significant growth of the…

    Words: 718 - Pages: 3
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