process of setting IFRS as the international accounting standard is restricted by the environment, regulation and culture of the country. Depending on its region, every country practices its own culture which eventually build the society’s behaviour. Nobes and Parker (2012, page 29) note that:
“Culture in any country contains the most basic values that an individual may hold. It affects the way that individuals would like their society to be structured and how they interact with its substructure. Accounting may be seen as one of those substructures.”
The writers also refer to Hofstede’s theory (1984. Page 83, 84) in defining and scoring the basic dimensions of culture. There are four basic dimensions of culture which are the individualism versus collectivism, large versus small power distance, strong versus weak uncertainty avoidance and masculinity versus femininity. This paper will focus on the strong versus weak…
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
Dr. David Morris
March 20, 2016
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…
a) IASB stands for International Accounting Standards Board. The IASB is a standard-setting board whose main role is to ‘develop and approves ‘International Financial Reporting Standards’ so that all financial reports and financial statements globally are detailed and can be easily read by all users. With constant regulation and development, it ensures all business’ financial records are formatted the same and easy to transfer information to and from them. To become an IASB member isn’t an easy…
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)…
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…
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…
International Literacy Association Standards
Throughout the course, I focused on the Curriculum and Instruction International Literacy Standard. This standard is important to me because I want to be an effective teacher, and effective teachers know how to develop curriculum and instruction that meets the needs of all their students. We focused on not only what to teach to meet the standards, but also how to teach it. When teaching diverse learners, curriculum and instruction is crucial. One…
ENGINEERING STUDY SHEET - TEST
Si units is the standard International Metric system of measurements.
The metric system was introduced to australia to provide an easier system than the imperial system.
The metric system is a base 10 system (all units are done by powers of 10). The imperial use more complicated bases.
Metric eg; 1000 mm = 1m, 1000m = 1km (not confusing)
Imperial eg; 36 inches = 1 yard, 1760 yards = 1 miles (confusing)
Types of motion:
Rotational-pg 141 (…
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.…