Overview International Financial Reporting Standards (IFRS) were established by International Accounting Standard Board to promote the use of global accounting standards so that company accounts are comparable and understandable across the countries. As of August 2012 more than 120 countries require or allow the use of IFRS for their financial reporting. An entity claiming compliance with IFRS should comply with all its standards including disclosure requirements and makes a explicit statement
Words: 1255 - Pages: 6
integrates strategy, people, resources, processes and measurement to improve decision-making while increasing transparency and accountability. The focus is on measuring performance against goals, learning from experience and adjusting to new conditions, reporting outcomes, and achieving objectives. There are two ways FAO can be funded: assessed contributions (regular assessed contribution paid by member countries) and
Words: 5165 - Pages: 21
obligation to prepare financial statement in many countries. The requirements for preparing financial reporting are usually based on adequate mixture of legislation, accounting standards and specific requirements such as stock exchange rules. Those requirements often give different reporting obligation to entities according to their characteristics such as scope and social or economic substance, and business sector. Therefore, Accounting regulators have required different form of reporting and disclosures
Words: 1124 - Pages: 5
consolidated financial of Global Iron Corporation and its subsidiaries, which comprise the consolidated statement of financial position as at March 31, 2011, and the consolidated statements of income, other comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant policies and other explanatory information. Management is responsible for the preparation and fair presentation of these consolidated statements in accordance with international Financial Reporting
Words: 386 - Pages: 2
International Financial Reporting Standards Introduction: IFRS are a set of rules developed and issued by IASB (International Accounting Standards Board) which is an independent body based in London, England. These rules will apply uniformly to financial reporting by public entities worldwide. The adoption of IFRS is widespread around the world with 120 countries requiring public corporations to adapt IFRS. Accounting standards as we know are a modern development although its traces date back 500
Words: 1289 - Pages: 6
satisfy the needs of the Tax authority. Also the standard setters of ”The social Contract Theory” must reflect w composition of society affected by the standard and by the environment they apply. 10-How does good financial reporting add value to organization? Good financial reporting results on accurate information which enhances the image of the organization consequently motivate investors, accountability with creditors and help manager to evaluate the performance of the company. 13-In your opinion
Words: 707 - Pages: 3
‘Framework for the Preparation and Presentation of Financial Statements’ Summary OVERVIEW The conceptual framework applicable on adoption of Australian equivalents to International Financial Reporting Standards (IFRS) will be: • SAC 1 ‘Definition of the Reporting Entity’; • SAC 2 ‘Objective of General Purpose Financial Reporting’; and • ‘Framework’ - Framework for the Preparation and Presentation of Financial Statements. The existing Australian conceptual framework
Words: 1089 - Pages: 5
Financial Reporting and Ethical Standards Debra Castagnetta HCS/405 November 7, 2011 Todd Brown Financial Reporting Practices and Ethical Standard In health care finance keeping financial documents have become more detailed and the need for accuracy has increased and many guidelines have been established to ensure there are competencies, and ethical standards are upheld in financial management in health care organizations (Paul, 2008). The Four Elements of Financial Management
Words: 986 - Pages: 4
compared to GAAP reporting standards 1.1 Focus on investors One of the significant advantages of IFRS compared to GAAP is its focus on investors in the following ways: 1. The first factor is that IFRS promise more accurate, timely and comprehensive financial statement information that is relevant to the national standards. And the information provided by financial statements prepared under IFRS tends to be more understandable for investors as they can understand the financial statement without
Words: 1805 - Pages: 8
Abstract This research paper will discuss Extensible Business Reporting Language (XBRL). The SEC is now requiring companies to submit financial statements in the XBRL format. (XBRL) is a language for the electronic communications of all sort of businesses and the exchange of financial data that is transforming business reporting around the globe. First in this research, I will discuss the definition and origins of (XBRL), and then I will summarize how (XBRL) works. Later, I will emphasize the main
Words: 2249 - Pages: 9
