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W2 Research on IFRS

Part One:
1. What is IFRS? IFRS is an International Financial Reporting Standards. It is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board.

2. What impact does IFRS have on students currently studying accounting?
With over 100 countries currently allowing or requiring IFRS (including the European Union), and with multi-national companies ever growing, students will need to know and understand the international Financial Reporting Standards. The SEC appears to transition to the international standards. It might be objective to have a single set of high quality globally accepted accounting standards. •
Part Two:
3. What is Sarbanes-Oxley?
It is a United States federal law enacted on July 30, 2002 in response to a number of scandals that includes Enron, and World Com.

4. What is the Public Company Accounting Oversight Board?
The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and the public interest by promoting informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection.

5. Select two requirements provided for in Sarbanes-Oxley; describe (IN YOU OWN WORDS) the impact of the items you selected on the accounting profession. Your response should be about one page, single spaced.

In July of 2002, Congress passed the Sarbanes-Oxley Act (SOX) in response to a wave of corporate governance scandals. The legislation was designed to increase the oversight and regulation of the accounting profession. By strengthening corporate

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