...of the existing reporting rules and standards that are currently used in the field of accounting today. Accountants will need to adapt to the challenging task of working with both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) reporting methods in order to conduct everyday business. The following paragraphs will discuss reporting, GAAP and IFRS standards of reporting Some advocate the idea that companies should voluntarily disclose financial information they deem important instead of using standardized financial reporting. I disagree with this method of disclosure because it would be time consuming and confusing for investors and creditors to decipher. “Further, readers of financial statements would have to familiarize themselves with every company’s peculiar accounting and reporting practices” (Kieso, Weygandt, and Warfield, 2012, p. 7). Voluntary disclosures from companies may be a temptation to manipulate numbers in their favor to hide debt, hide risk and control stock prices. When comparing standardized and voluntary disclosure methods in reporting, general-purpose financial statements are the more cost effect and furnish the most pertinent data to the various user groups. In addition, companies not using general-purpose statements run the risk of not raising enough investment capital because they are not providing investors and creditors with enough information. The IASB (International Accounting Standards...
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...|PERSONAL INFORMATION |Rafieu Gibao Mambu | |[ | | | 37 Mountain Cut, Foulah Town, Freetown, +232, Sierra Leone | | | +232-78-680069 [pic] +232-77336415 [pic] +232-76-395920 | | | Radiga1982@gmail.com , RafieuM@unops.org | | |Sex: Male | Date of birth 27 July 1982| Nationality Sierra Leonean | | | | | | | |JOB APPLIED FOR |ADMINISTRATION, PROJECT & PROGRAM MANAGEMENT, LOGISTIC, TRANSPORT AND OPERATIONAL RELATED ROLES | |POSITION | ...
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...Fair Value Accounting: The Road to Be Most Travelled By Rock Lefebvre, Elena Simonova and Mihaela Scarlat Fair Value Accounting: The Road to Be Most Travelled By Rock Lefebvre, Elena Simonova and Mihaela Scarlat December 2009 Sponsored by the Certified General Accountants Association of Ontario Introduction ................................................................................................................................ Fair Value Accounting – An Overview....................................................................................... 4 5 Critique of Fair Value Accounting ............................................................................................. 14 Arguments in Support of Fair Value Accounting ....................................................................... 17 Concluding Remarks.................................................................................................................. 20 2 Issue in Focus Executive Summary The use of fair value accounting has gained momentum and has proven to attract a level of attention rarely witnessed in the annals of accounting practice. One of the driving forces is the belief endorsed by some that fair value accounting initiated and aggravated the recent credit crisis. In light of these circumstances, it is considered timely to advance awareness in relation to fair value accounting and to clarify the competing arguments in favour of, and against, the use of...
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...One day we don’t have to talk about the story of convergence between International Financial Reporting Standards (“IFRS”) and U.S. GAAP (“GAAP”). I believe that they will be fully converged someday in the future. It is generally assumed that, all standard setters would agree on a single, high-quality accounting standard and it can meet everyone’s need. However, there is also a long road to achieve this ultimate goal. Fortunately, the steps of convergence never stop. There are more than 100 countries are adopting or processing adopting IFRS, it has already become the most popular international accounting standard in the world. Early in 2002, the International Accounting Standards Board (“IASB”) and the Financial Accounting Standards Board (“FASB”) agreed that a common set of high quality, global accounting standards was priority of both Boards. Then, the Securities and Exchange Commission (“SEC”) proposed a Roadmap for the potential use of financial statements prepared in accordance with IFRS as issued by the IASB by U.S. issuers for purposes of their filings with the Commission in 2008 which can be seen as a milestone as the upcoming fully convergence. Although in May 2011, the SEC staff released a paper which describe a slower process of incorporating IFRS into the US financial reporting system, it doesn’t change the fact that the convergence still processing. And the SEC plays a role as a promoter. There is no doubt that the United States is only “Superpower” owning the...
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...Accounting Standards Board Paper Accounting Standards Board Paper Accounting is defined as the practice of recording, analyzing, and reporting the financial transactions of an organization (Schroeder, Clark, & Cathey, 2011). Since 1973, there has been a governing body that has determined what is considered acceptable business practices in regard to the relationship between these functions. In the United States, that governing body is known as the Financial Accounting Standards Board or FASB. FASB helped to refine and establish what is known as the Generally Accepted Accounting Principles or GAAP. These principles have laid the foundation for modern day accounting practices and have served as a road map for financial accountants worldwide. In 2001, a new board was established to bring unity to international accounting practices. It is known as the International Accounting Standards Board or IASB. IASB has its own set of standards commonly known as International Financial Reporting Standards or IFRS. Together these two entities lay the groundwork for accountants to follow to most accurately and ethically report the financial activities of their respective organizations. Although both these organizations have striking similarities and strive to serve a common goal, there are marked differences in their approach to financial reporting standards. In recent years, FASB and the IASB have affirmed their commitment to bring together their basic fundamentals and create a unified...
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...Introduction The true meaning of Globalization lies in the international integration arising from the interchange of products, ideas and practices. The development of e-commerce and liberalization of the economy, structures and the regulations which support it, drove to have a single worldwide accepted financial reporting system. A large number of multinational corporations are setting up their business units in different countries and are increasingly accessing the global markets by listing their securities on the foreign stock exchanges. Corporations around the world venture into business activities either through their own presence in different parts of the world or through their subsidiaries, collaborations, associates and joint ventures....
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...GAAP & IFRS Convergence Eileen Walker Strayer University 3/1/2013 Professor Lightweis ACC304 By definition, convergence is the “coming together from different directions, especially a uniting or merging of groups or tendencies that were originally opposed or very different” (Bloomsbury Publishing, 2009). As it applies to accounting, convergence is the “collaborative efforts of the FASB and the International Accounting Standards Board (IASB) to both improve U.S. generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) and eliminate the differences between them” (IASB-FASB Update Report to the Financial Stability Board Plenary on Accounting Convergence, 2012). While efforts towards convergence have been on-going since 2002, there still remains much to be resolved between the two entities. Whether or not convergence may be completed and implemented within the next five years remains to be seen, and will most assuredly be contingent on the resolution of several key differences. In an April 2010 report published by The Finance Professionals’ Post, some of the major differences between GAAP and IFRS were as follows: * Inventory Valuation – Last In First Out (LIFO) is permitted under GAAP, but not under IFRS. GAAP requires carrying amount at lower or cost or market while inventories reported under IFRS are carried at lower of cost or net realizable value. Companies using LIFO would have to revalue inventory...
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...The Purpose of the Sarbanes-Oxley Act and GAAP Bill Chase Grantham University The Purpose of the Sarbanes-Oxley Act and GAAP The Sarbanes-Oxley Act was drafted and passed in 2002, by Senator Paul Sarbanes and Congressman Michael Oxley. The purpose for drafting and passing the Sarbanes-Oxley legislation was to protect investors by improving the accuracy and reliability of corporate disclosures in accordance with existing securities laws, and to encourage and enable corporate executives to be more ethical and socially responsible when conducting business (Bawa, 2004). In other words, the Act’s measures were to strengthen the reporting requirements that already existed for publicly traded companies, by holding those in power in the corporate world accountable for their actions. The Act increases penalties for executives who do misdeeds and imposes internal governance rules on their companies (Bawa, 2004). How does the Act hold executives accountable? The legislation requires the most senior company executives (CEO’s, CFO’s, etc.) to certify the company’s financial statements each time those reports are filed with the Security and Exchange Commission (Brigham & Ehrhardt, 2014 p 70). The impetus for passing Sarbanes-Oxley was due to the numerous corporate scandals that had come to plague the corporate world in the United States prior to the turn of the millennium. A common theme of these corporate scandals was the manipulation of company financial...
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...Professor: Dr. Kuhn Abstract This paper discusses how the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) signed the Norwalk Agreement in 2002, and agreed to work together towards the development of high-quality, compatible accounting standards that could be used globally. The creation of short-term and long-term convergence plans in order to assist the boards in prioritizing so that they could adhere to their agreement of “compatibility as soon as practicable.” The outcome of 37 key joint IASB/FASB projects based on the results of the Convergence table by Paul Pacter and the ongoing debate of convergence of IASB and FASB, or the sole adoption of IASB. Convergence or Adoption: From U.S. GAAP to IASB September 18, 2002, in Norwalk, Connecticut, the IASB and the FASB signed a memorandum of understanding in which the two boards promised to work hard to “(a) make their existing financial reporting standards “fully compatible” as soon as is practicable and (b) to coordinate their future work programs to ensure that once achieved, compatibility is maintained.” This became known as the Norwalk Agreement. Under the Norwalk Agreement the IASB and the FASB each agreed that they would commit to the development of high-quality, compatible accounting standards that could be used for both cross-border and domestic financial reporting. In an effort to prioritize, the boards launched a series of “short-term convergence projects” and “long-term...
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... | |Mobile |09794108735 | | | | |Communication Address |C/O Mr. Salil Chakroborty, | | |198 A, Sarat Bose Road, | | |Kolkata – 700029. | | | | ROLE OF COST AND MANAGEMENT ACCOUNTANTS IN IFRS REGIME CMA. Arindam Banerjee Abstract IFRS has today become a universal financial reporting language through which all the global companies are communicating with its global investors rather than having a divergent set of standards applied differently in different countries. Against this background the present article begins with the concept and background of IFRS. The article further...
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...the Annual Report of TNT Express N.V. for the financial year ended 31 December 2014, prepared in accordance with Dutch regulations. The preceding Annual Report of TNT Express N.V. for the financial year 2013, was issued on 18 February 2014. Unless otherwise specified or the context so requires, ‘TNT’, the ‘company’, ‘it’ and ‘its’ refer to TNT Express N.V. and all its Group companies as defined in article 24b of Book 2 of the Dutch Civil Code. TNT is domiciled in the Netherlands, which is one of the Member States of the European Union (EU) that has adopted the euro as its currency. Accordingly, TNT has adopted the euro as its reporting currency. In this annual report the euro is also referred to as ‘€’. As required by EU regulation, the consolidated financial statements of TNT have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. PricewaterhouseCoopers Accountants N.V. has been appointed as the external independent auditor of the financial statements of TNT, and has been engaged to provide reasonable assurance on certain metrics and limited assurance on other metrics of CR. Enquiries related to this annual report may be addressed to Investor Relations and Corporate Communications to the attention of Mr Gerard Wichers (gerard.wichers@tnt.com). At a glance AT A GLANCE Financial 1 Corporate responsibility Revenue 2013 2014 Lost-time accidents per 100 FTEs 6,904 6,680 Operating income ...
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...global financial reporting. In this research paper, we will analyze the relationship between the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The research paper will discuss also how the Master’s of Science in Accounting (MSA) at University of Phoenix prepares students for a successful carrier within the accounting profession. The increasing number of multinational companies, especially, after 1990 s made it difficult for the accounting information users to analyze the financial statements. As a result, there is an increasing need to have one set of accounting standards to enhance comparability. Historically, the issuers of the financial statement where in the same country and had the same standards as the users of the accounting information. Many multinationals companies generate a significant part of their revenue from different parts of the world, and it became difficult to allocate efficiently the scarce resources without a reliable accounting system. Investors and creditors are skeptic to invest or lend money in corporations that operate on transnational markets without a good understanding of their financial positions. To enhance the understanding of investors and creditors there is a move to harmonize the accounting standards between different countries. FASB is the standard setting body in the US and is the primary source of Generally Accepted Accounting Principles (GAAP). In 2001, The International Accounting Standards...
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...The Institute of Chartered Accountants of Zimbabwe IPSAS and role of the Accountancy Profession LOAN ? X ROAD: ASSET? X CASH? Y Road Madagascar, Loan US$ 150m N2, A, Country X, Loan US$ 150m Borrowings, guarantees…. • Borrowings? • Contingent liabilities? • Guarantees? 3 Questions • Should the transactions be recorded and presented and /or disclosed in governments financial statements? • …..how do you assess the quality of public sector financial information? • Should we improve public sector reporting? 4 Presentation outline… Quality of reporting - Africa IPSAS…why, what , adoption Role of the Profession Zimbabwe Conclusion Quality of financial information in Africa… PFM …. Key dimensions per PEFA Budget credibility Comprehensiv eness and transparency Policy-based budgeting Six critical dimensions of PFM system performance Effective audit and External scrutiny Accounting, recording and reporting Control and stewardship in budget execution 7 PEFA Assessments results..Africa (Oct 09) Link to economic growth… 8 PEFA overall results… Significant variability in average scores. Africa Region PEFA Scores (October 2009 data) 3.50 3.00 2.50 2.00 1.50 1.00 0.50 9 What about financial reporting? PEFA – Accounting Performance Indicators Indicator Description P1 22 Timeliness and regularity of accounts reconciliations P1 24 Quality and timeliness...
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...1.1 Introduction 1.1.1 Origin of integrated reporting Over the years companies owed it to shareholders to annually give reports that are a medium of accountability to shareholders. The business success prospects of companies relied on annual reporting that has been biased towards the financials aspects of the company’s activities such as financial position, financial performance and the flow of cash in and out of the company. The modern investor has expanded focus beyond the financial return on investments in companies and became more concerned with the sustainability in the performance of companies as Abeysekera (2013) puts it. This development has effectively challenged the outlook of the reports that has been based on the Annual Financial Statements and evolved into King III (2009) which recommended for the introduction of integrated reporting as the new reporting approach towards addressing the expectations of investors. The King III Code of reporting emerged was incepted in response to the promulgation of the Companies Act of 2008 and designed to be usable by all entities. The Annual Financial Reports on financial performance, sustainability and governance disclosures often fell short to draw the relationship between the organisation’s corporate strategy, financial performance and the performance on the environmental aspects, IRCSA (2011). In addition to this is the fact that financial information is not sufficient for an organisation or investor to make informed decision...
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...KPMG International Survey of Corporate Responsibility Reporting 2011 kpmg.com The Definitive Snapshot of CR Reporting Welcome to The KPMG International Survey of Corporate Responsibility Reporting 2011. We believe that this report represents the largest and most comprehensive survey of CR reporting trends ever published. Thirty-four hundred companies representing the national leaders from 34 countries around the world, including the largest 250 global companies based on the Fortune Global 500 ranking, were included in our research. Since we published our first report in 1993, KPMG’s International Survey of Corporate Responsibility Reporting has provided a definitive snapshot of the evolving state of CR reporting and continues to deliver unprecedented insight into national, global and industry reporting trends. This is the first in a series of three complementary reports. Future analysis will focus on the challenges related to water, supply chain and regulatory optimization. © 2011 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. Contents Executive Summary KPMG Corporate Reporting Quadrants The State of Global Corporate Responsibility Reporting – Corporate Responsibility Reporting Comes of Age in 2011 Measuring the Markets – Corporate Responsibility Reporting at the Country Level Ranking...
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