...Over the past decade, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working together to form a set of global standards. They are trying to make the International Financial Reporting Standards the globally accepted financial reporting principles. 1. As an international manager or investor, what benefits do you see from the growing adoption of IFRS across countries? Growing the adoption of IFRS across countries will allow for more comparable financial statements and disclosures globally. Investors and other financial statement users will be able to see how international companies compare to one another. Currently, U.S. Generally Accepted Accounting Principles (GAAP) varies from IFRS in many ways, some causing significant differences in accounting for certain topics. Growing the adoption will also allow companies and all its subsidiaries to use the same set of standards. 2. In your mind, what are the three most substantial challenges to the growth and development of IFRS in the coming years? Why? The three most substantial challenges to the growth and development of IFRS in the coming years are “convergence” or full adoption of IFRS, large costs of adopting IFRS, and the disagreement with the EU. Convincing all nations to adopt IFRS as is, with no specific national standards stepping in, is going to be a difficult process. “Convergence is an impossible dream. You will always find issues where you basically...
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...Compliments of on IBM Limited Editi ose, Consolidate Cl & Report Learn to: • Distinguish between the closing, consolidating, and financial reporting processes • Use integration and automation to ensure data integrity and streamline CCR activities • Identify the right CCR solution for your organization Maire Loughran These materials are the copyright of Wiley Publishing, Inc. and any dissemination, distribution, or unauthorized use is strictly prohibited. Close, Consolidate & Report FOR DUMmIES by Maire Loughran ‰ IBM LIMITED EDITION These materials are the copyright of Wiley Publishing, Inc. and any dissemination, distribution, or unauthorized use is strictly prohibited. Close, Consolidate & Report For Dummies® IBM Limited Edition , Published by Wiley Publishing, Inc. 111 River Street Hoboken, NJ 07030-5774 www.wiley.com Copyright © 2011 by Wiley Publishing, Inc., Indianapolis, Indiana Published by Wiley Publishing, Inc., Indianapolis, Indiana No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online...
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...Initially, as a student relatively new to the study of international accounting standards and regulations, I assumed that the United States would be leading the efforts of an internationally accepted accounting standard, and I was both correct and incorrect in that assumption. The fact that the U.S. has the economic influence that it has, and its ties around the world, my assumption that other countries would follow suite, in hind sight, was naive. Days into my research, after being flooded with circumstantial evidence and factual evidence and information both supporting and denouncing the United States influence on this topic, I came up with one conclusion and one conclusion only, the U.S. will adopt IFRS or a future IFRS-like standard that is fully recognized by the international community, and it will not be U.S. GAAP. I am not stating that U.S. GAAP will no longer exist; I am saying that IFRS will be accepted as an equal to the U.S. GAAP and in the future, U.S. domestic reports will reflect and be tailored to IFRS requirements ultimately taking precedents over domestic accounting principles in an effort to save time and money. As we have all learned over the years, large scale changes in the United States take time and they are often slowly integrated over the years to not upset the delicate balance of domestic politics and international relations. First, we must understand what IFRS truly is and how it is slowly being integrated in US. Next, after we highlight the major areas...
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...Part 1: The Australian Accounting Environment Chapter 1 An overview of the Australian external reporting environment Review questions 1.1 Refer to pages 6 to 25 of the text. The main bodies responsible for regulating accounting disclosure in Australia are: (i) Australian Securities and Investments Commission (ASIC) Briefly, ASIC is responsible for administering corporations legislation within Australia (which includes various reporting requirements). According to its own website, the role of the ASIC is to enforce and regulate company and financial services laws to protect consumers, investors and creditors. (ii) Australian Accounting Standards Board (AASB) The role of the AASB is to develop a conceptual framework. It is also responsible for ‘making’ accounting standards that have the force of law under the corporations legislation, as well as formulating accounting standards that are to be used by reporting entities that are not governed by corporations legislation, inclusive of entities operating in the not-for-profit sector and public sector entities. The AASB is also responsible for Interpretations Advisory Panels, user focus groups and project advisory panels. As was indicated in this chapter, however, a great deal of the responsibility for developing accounting standards to be released by the AASB is in the hands of the IASB, as is the development of the conceptual framework. It is to be anticipated that only minor...
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...they were created in (Wiecek and Young, 1-2). The increase in globalization coupled with related regulations has given rise to the need for a common set of global accounting standards – International Financial Reporting Standards (IFRS). Leading the charge, the International Accounting Standards Board (IASB), formerly known as the International Accounting Standards Committee, has begun a movement toward harmonization and convergence of GAAP. More than 100 countries currently use IFRS, so if your business goals include global expansion, it is critical to educate yourself about the impact of IFRS on your financial reporting processes and business now (U.S. GAAP vs. IFRS). This paper will focus specifically on the differences and similarities between IFRS and U.S. GAAP with respect to accounting for the effects of changes in foreign exchange rates. The guidance related to accounting for foreign currencies in U.S. GAAP is included in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 830, Foreign Currency Matters. In IFRS, the guidance related to accounting for foreign currency issues is contained in International Accounting Standard (IAS) 21, The Effects of Changes in Foreign Exchange Rates. Additional IFRS guidance is contained in IAS 29, Financial Reporting in Hyperinflationary Economies. Before delving too deep into the significant differences between U.S. GAAP and IFRS, it is important to understand the terminology used within the two...
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...& Sons Canada, Ltd. 3 Copyright © John Wiley & Sons Canada, Ltd. 4 1 09/05/2016 INTERMEDIATE ACCOUNTING How to be successful in this class TENTH CANADIAN EDITION Kieso • Weygandt • Warfield • Young • Wiecek • McConomy • This is a summer session class = quick • This is a 3rd year class = challenging – Quick + challenging = be organized • Do the assigned homework (min. 1:1) • Read the chapter beforehand • Come to class CHAPTER 1 The Canadian Financial Reporting Environment • Exams will have – Multiple choice & matching questions – Short answer questions – Problems – mini cases Prepared by: Dragan Stojanovic, CA 5 Copyright © John Wiley & Sons Canada, Ltd. As edited by Jeff Kent, CPA,CA M.B.A. The Canadian Financial Reporting Environment CHAPTER 1 The Canadian Financial Reporting Environment Financial Statements and Financial Reporting •Accounting and capital allocation •Stakeholders •Objective of financial reporting •Information asymmetry After studying this chapter, you should be able to: • Explain how accounting makes it possible to use scarce resources more efficiently. • Explain the meaning of “stakeholder” and...
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...com/Accounting-Principles-Jerry-JWeygandt/dp/0470534796/ref=sr_1_1?ie=UTF8&qid=13486 77243&sr=8-1&keywords=accounting+principles Competitive Strategy: Techniques for Analyzing Industries and Competitors Enterprise Risk Management Integrated Framework Getting to Yes: Negotiating Agreement Without Giving In Information Systems Control and Audit Internal Auditing: Assurance & Consulting Services 0 2004 The Free Press http://www.theiia.org/bookstore/product/enterprise-riskmanagement-integrated-framework-1178.cfm 2 Penguin USA Prentice Hall 2 The Institute of Internal Auditors Research Foundation http://www.theiia.org/bookstore/product/internal-auditingassurance-and-consulting-services-2nd-edition-1432.cfm 1991 1998 2009 Internal Control Integrated Framework The American Institute of Certified Public Accountants International Business with Global Resource Charles W. L. Hill CD, PowerWeb and World Map International Financial Management Cheol S. Eun, Bruce G. Resnick, and David Percy Rooke International Financial Reporting Standards International Accounting Standards Board (IFRS) (IASB) International Professional Practices The Institute of Internal Auditors, Inc. Framework (IPPF) Management Robert Kreitner Marketing Management Philip Kotler Practice Guides of International The Institute of Internal Auditors, Inc. Professional Practices Framework (IPPF), including Global Technology Audit Guide (GTAG) and Guides to the...
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...other goods. This document represents a full study of the industry of Google Inc as well as its performance for a period of 3 years. I will focus on the years between 2009 and 2011. The International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). The functions of the IFRS foundation can be divided into two main areas: Governance and oversight, and operations. The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) are committed to crafting one set of accounting standards. The goal of the convergence project is to unify accounting standards, which in turn should improve comparability of financial statements across national jurisdictions (Shim, Siegel, 2010). Google has a reputation as an innovative company, but in fact it owes a lot of its success to acquisitions. Merging with or acquiring another firm represents a considerable change that can affect the interests of stakeholders beneficially or detrimentally. Since its emergence the Google Inc. has made more than 175 business combinations. Some of them were prior to 2009 and some after it. A scrutiny of annual reports and form 10K of Google from 2009 reveals that the company has followed all the prescribed reporting guidelines as per ASC 805. The auditors of...
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... RELATIONSHIP OF IASB AND FASB The Relationship of the International Accounting Standards Board and the Financial Accounting Standard Board Accounting Theory & Research 541 The History & Relationship of the International Accounting Standards Board and the Financial Accounting Standard Board The International Accounting Standards Board (IASB), and independent standard-setting body of the IFRS Foundation was created after the Financial Accounting Standards Board (FASB) to develop and establish universal accounting procedures and standards for both boards. In recent years however, there has been significant shifts in the relationship between both entities given various considerations. Currently, IASB and FASB are working on a joint venture referred to as the convergence project, in hopes of eliminating a variety of differences between International Financial Reporting Standards and U.S. Generally Accepted Accounting Principles. It is further my intent to provide a brief history of the relationship between the two aforementioned entities as well as briefly address the importance of the prescribed course of study within the University of Phoenix’s Master of Accountancy program for individuals who are pursing professions within the field of accounting. History In 1973, FASB was born of the Financial Accounting Foundation (FAF) to generate and rectify practices of financial accounting and reporting for nongovernmental businesses. This change was made because...
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...accounting + auditing Intro to XBRL Patricia Francis xbrL Is resHApING tHe FINANcIAL reportING LANDscApe WorLDWIDe, AND LooKs set to Do tHe sAme IN mALAYsIA oNce FuLLY ImpLemeNteD bY LocAL reGuLAtors AND busINesses. Are You xbrL reADY? The objectives of SSM’s SDP II are: • To enhance delivery and improve accuracy of information; • To achieve a standardised and consistent mode of reporting with enhanced analytical capabilities; • To promote data usability and exchange flow with external stakeholders. According to Nor Azimah, SSM also promotes the adoption of XBRL as a nationwide format to be used by key agencies such as the Inland Revenue Board (LHDN), Securities Commission (SC) and Bursa Malaysia and the building of extension taxonomies by the mentioned agencies. The said adoption will provide SSM, other regulators and businesses with detailed data which can be aggregated and made available to stakeholders in the form of industry analysis for industrial benchmarking. The move to XBRL-based reporting is also in line with plans to transform Malaysia into a digital country by 2020, as XBRL reports form part of the digital reporting chain. At the recent Digital Malaysia Press Conference held on 5 July 2012 by the Ministry of Science, Technology and Innovation (MOSTI) along with Multimedia Development Corporation (MDeC), Datuk Badlisham Ghazali, CEO of MDeC told the media that Digital Malaysia will help drive automation and technology adoption to ensure productivity and...
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... A statement of changes in equity for the period;d) A statement of cash flows for the period;e) Notes, comprising a summary of significant accounting policies andother explanatory information; andf) A statement of financial position as at the beginning of the earliestcomparative period when an entity applies an accounting policyretrospectively or makes a retrospective restatement of items in itsfinancial statements, or when it reclassifies items in its financialstatements. An entity shall clearly identify each financial statement and the notes. Inaddition, an entity shall display the following information prominently, and repeatit when necessary for the information presented to be understandable:a) The name of the reporting entity or other means of identification, andany change in that information from the end of the precedingreporting period; b) Whether the financial statements are of an individual entity or agroup of entities c) he date of the the set of finance d)The name of the reportinBeximco PharmaceuticalIt is also clear that both oreporting period are coved by the set of financial statements or notes. e)Foreign currencies are translated inaccordance with BAS-21 " Information to be presented to the statement of fifancial position. the following amounts include the line item) a)Property, plant and equipment b)Investment property c)Intangible assets d)Financial assets e)Investments accounte f)Biological...
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...INTRODUCTION International Financial Reporting Standards (IFRS) In 2011, international financial reporting standards (IFRS) will replace generally accepted accounting principles (GAAP). This means Canadian publicly-traded companies will be required to present financial statements in accordance with IFRS. This change will not only affect those involved in the development of financial information but also those who use this information. Economic globalization brings increased demand for high quality, internationally comparable financial information. That’s why in 1999, CGA-Canada took the pioneering step of advocating for the convergence to IFRS in Canada and continues today to contribute to the evolution and adoption of IFRS. By providing our professional advice to the accounting community, ensuring the latest information and professional development opportunities are available to CGAs and keeping the CGA Program of Professional Studies current, the Association is well prepared for the transition to IFRS. CGA-Canada and International Standards-Setting CGA-Canada plays a critical role in international standards-setting through exposure draft comments and its international representation by virtue of being an International Federation of Accountants (IFAC) member body. Comments to the International Accounting Standards Board, the International Auditing and Assurance Standards Board, the International Ethics Standards Board for Accountants and the International Accounting Education...
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...CONTENT AND SKILL SPECIFICATIONS FOR THE UNIFORM CPA EXAMINATION Approved by the Board of Examiners American Institute of Certified Public Accountants May 15, 2009 Effective Date: January 1, 2011 Board of Examiners Examinations Team American Institute of Certified Public Accountants Parkway Corporate Center 1230 Parkway Avenue, Suite 311 Ewing, NJ 08628-3018 COPYRIGHT © 2009 BY AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, INC. CONTENT SPECIFICATION OUTLINES (CSOs) The outline portions of the content specifications identify the extent of the technical content to be tested on each of the four sections of the Uniform CPA Examination. The outlines list the areas, groups, and topics to be tested in the following manner: I. (Roman numeral) Area A. (Capital letter) Group 1. (Arabic numeral) Topic Each outline is followed by information about selected publications that candidates may study to prepare for the Uniform CPA Examination. Weights The percentage range following each area represents the approximate percentage of total test questions associated with the area. The ranges are designed to provide flexibility in building the examination, and the midpoints of the ranges for all areas in each section total 100%. The examination questions will be selected from each area to fall within the percentage allocation range. No percentages are given for groups or topics. The presence of several groups within an area or several topics within a group does not imply equal...
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...Running head: XBRL: THE NEW REPORTING XBRL: The New Reporting Julie Mercer Strayer University Chapter One Introduction This chapter consists of research ideas relating to eXtensible Business Reporting Language or XBRL, also how the American Institute of Certified Public Accountants (AICPA) and the Securities and Exchange Commission (SEC) are moving towards this type of reporting. The chapter consists of context of the problem, statement of the problem, research question and sub-questions, significance of the problem, research design and methodology, and organization of study. The chapter will also include a tentative reference list. Context of the Problem There is a time limit as to when an organization has to report financials to the SEC. There are several forms that are required to be filed to the SEC by public organization, for the purpose of this research paper we will focus on quarterly statements (10-Q) and yearly statements (10-K). For the 10-Q the organization has forty-five days, after each of the first three quarter ends to file the report with the SEC and ninety days, after the fiscal year end. (Yuille, n.d.) Given the time-frame organizations have to report the quarterly earnings, it would seem to be enough, but let us look at an organization that has an enterprise resource planning (ERP) system, along with Hyperion Financial Manager (HFM). The ERP system captures data from all the locations, if the organization has more...
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...International Financial Reporting Standards (IFRS) in Indian context Introduction Convergence with IFRS has gained momentum in recent years all over the World. 110+ countries including European Union, Australia, China, New Zealand, and Russia currently require or permit the use of IFRS. Apart from India, countries like Japan, Sri Lanka, Canada and Korea have also committed to adopt IFRS from 2011. United States of America has announced its intention to adopt IFRS from 2014 and it also permits foreign private filers in the U.S. Stock Exchanges to file IFRS complied Financial Statement, without requiring the presentation of reconciliation statement. In this scenario of globalisation, India cannot insulate itself from the developments taking place worldwide. In India, so far as the ICAI is concerned, its aim has always been to comply with the IFRS to the extent possible with the objective to formulate sound financial reporting standards. The ICAI, being a member of the International Federation of Accountants (IFAC), considers the IFRS and tries to integrate them, to the extent possible, in the light of the laws, customs, practices and business environment prevailing in India. The Preface to the Statements of Accounting Standards, issued by the ICAI, categorically recognises the same. Now, as the world globalizes, it has become imperative for India also to make a formal strategy for convergence with IFRS with the objective to harmonize with globally accepted accounting standards...
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