International standard

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…

The IFRS is a set of international accounting standards that state how specific types of transactions should be reported in a financial statement (Gasper et al., 2014). IFRS are intended to deliver a single set of GAAP that can be used throughout globe by businesses. The main objectives to…

If these standards did not exist, then companies could publish any information they like to entice investors and creditors to contribute to the organization. These standards allow investors and creditors to compare companies within an industry to each other. The standards ensure reports published by competing business contain the same types of information. “Companies are expected to follow…

They each have their own little nuances depending on transaction that it taken place, but the standards are mostly straight forwards in what the accountants are required to do. This is why it should come as no surprise that the financial disclosures in Swiss GAAP are just a stringent as they are in the US GAAP framework. The disclosure requirements…

The system of accounting regulation is divided between the corporate law and promulgated standards. Over the years, non-government organizations had a significant influence on accounting settings. One of their responsibilities is to address technical issues of accounting activities, enforce adequate auditing mechanisms, and build ethical standards to guarantee the fairness of financial reporting (p.…

topics. In all of these classes, most especially financial reporting and analysis 1, I was shown how accounting practices under the Generally Accepted Accounting Principles (GAAP) compare and contrast from that of the International Financial…

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, patents, brand recognition, methodologies, copyrights, import quotas, and goodwill among many others, in today 's business…

Q1: The AASB 138 had been adopted by the reporting entities in Australia after the introduction in the International Financial Reporting Standards (IFRS). It became effective for reporting companies on or after 1 January, 2005. This introduction would completely change the way it is recognized and measured for accounting purposes as per the Australian standards. The main motive behind the introduction of this section is to identify how the non-monetary assets shall be represented in the…

is entity’s management. Black and Radler serviced as (CEO) and (COO) at Hollinger International. Therefore, because their position in the company, we can say that the non- compete payment in the case describe as “related party transaction”. Unusual transactions, related party transactions, and transactions with its executive officers are the three critical areas in the new standard according to AS 18. The new standard addressed those areas in order to reduce the risks of material misstatement of…

For instance, to support their assertion, Buthe & Mattli (2008) further stated that differences in financial reporting as a result of disparities in local standards lead to differences in the kind of information that would be available to the potential investors which in effect hinders an efficient allotment of investment capital from outside the country. In confirmation, Daske and Gebhardt (2006) revealed that…