International Financial Reporting Standards Essay Examples

KPMG (2006, pp. 11) reports that over 100 countries worldwide have adopted International Financial Reporting Standards (IFRS) or equivalents, including all EU nations and major Asian ones like Hong Kong and Singapore who have fully embraced IFRS. Australia has also demonstrated its dedication to uniformity and high-quality financial reporting through the adoption of the Australian […]

“The theories we use to understand standard-setting in national contexts, like Australia, are not as effective when applied to the international level, where the International Accounting Standards Board (IASB) holds prominence. We need to adapt or expand our theoretical framework in order to address this disparity.” Analyze the statement above, explicitly expressing your agreement or […]

Introduction to International Accounting Standards: Accounting serves as a way to present the financial information of an organization, by consolidating all its transactions and providing a transparent view of the business. Recording all financial reports is crucial for managers, shareholders, creditors and owners. Despite every country having its own regulations, they follow their respective accounting […]

Many years ago stock options were rarely used as incidental benefits for top executives. Nowadays, compensating employee whit stock options has become an increasingly common practice. Before the year 1996, only the intrinsic value method was used to record these transactions. This method distorted the issuer’s reported financial condition and results of operations, which could […]

This project aims to fulfill partial requirements for a Bachelor of Science degree in Applied Accounting from Oxford Brookes University, UK. The topic selected is “An Evaluation of the Business and Financial Performance of J Sainsbury plc for the year ended 24 March 2006 – 22 March 2008”. Its objective is to enhance professional ability […]

‘ASB vs FASB International Accounting Standards Board is a board is an independent board that is up of international members who set the standards for international companies. There are 15 members out of nine countries who use due process to decide what the standard for international accounting processes is. The ISAB deals with worldwide standards […]

In the United States, the Financial Accounting Standards Board (FASB) has been the organization that establishes standards that govern the preparation of financial statements, known as the United States Generally Accepted Accounting Principals (US GAAP). Many countries have established their own national accounting standards as well; however, as international business and trade increases, so does […]

The objective of this paper is to analyze the formation of the International Accounting Standards Board (IASB) and its usage of the conceptual framework introduced by the International Accounting Standards Committee (IASC) in 1989, called the Framework for Preparation and Presentation of Financial Statements. Additionally, it will discuss the stakeholders and purpose behind this framework, […]

What sets apart the two methods are their characteristics. Substance over form is an important concept in accounting. A good example of this is the recognition of revenue. An example of reduced flexibility is the recognition of R&D cost. In the fiscal year 2005, management’s reporting incentives and strategy are influenced by various factors that […]

The general principle for cost inclusion into inventory for US GAAP and IFRS is similar but not exactly the same. First let us look at US GAAP. The basis of accounting for inventories is “cost,” which is explained in ASC 330-10-30 paragraph 1 as “the sum of the applicable expenditures and charges directly or indirectly […]

The objective of financial reporting is to deliver essential fiscal data concerning the company that is reporting. This information proves invaluable for both existing and potential investors, creditors, and other credit providers as it aids in informed decision-making when providing capital. Precise assessment, impartiality, and prompt disclosure of an organization’s financial standing can support appropriate […]

Japanese accounting practices JAPANSE GAAP Japan in the year 2010 had a GDP of 4. 31 trillion dollars making them the 4th largest in the world. With this being said it is important that other countries doing business in the nation have a strong knowledge of their accounting practices. Japanese accounting practices have been going […]

Abstract This Journal aimed at scrutinizing the prevailing accounting standard for the banks and find out the extent of compliance by them. To find out the degree of compliance the study has gone through the annual reports of all the sample banks. Very naturally it is hoped that all of them are required to comply […]

CASE CONTEXT In the late 1960’s the US Department of Housing and Urban Development (HUD) launched the Operation Breakthrough, a project that aimed to “revolutionize” the housing industry, which attracted various housing companies to seek for means to construction technology. One of which is the Stirling Homex Corporation (SHC), founded in 1967 which pioneered the […]

PRC GAAP, which stands for generally accepted accounting principles of the People’s Republic of China, consists of accounting principles that are derived from various sources. These sources mainly consist of laws and regulations issued by the Ministry of Finance (MOF) and disclosures made by listed companies that are regulated by the China Securities Regulatory Commission […]

This section provides a summary of some of the similarities and differences discussed in more detail on the complete publication. No summary publication can do justice to the many differences of detail that exist between US GAAP, IFRS and Mexican FRS. Even if the guidance is similar, there can be differences in the detailed application, […]

Then, a comparative analysis of the two governing dies and their similarities and differences will be discussed. Although we have gone into great depth, the differences between the two sides are plentiful, as many issues have yet to be discussed on any level by professionals. We have touched on the thoughts of the SEC and […]