reporting standards (A-IFRS) on the accounts of small-, medium- and large-sized firms. Design/methodology/approach – For 135 listed Australian entities, the half-yearly accounts ended 30 June 2005 are examined to identify the effects of A-IFRS. Data are gathered on the change in major balance sheet and income statement elements, the major reconciling items and earnings variability. Findings – Findings show that more than half of small firms have no change in net income or equity from A-IFRS, and that there
Words: 7633 - Pages: 31
Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers A Comparison of U.S. GAAP and IFRS A Securities and Exchange Commission Staff Paper November 16, 2011 OFFICE OF THE CHIEF ACCOUNTANT UNITED STATES SECURITIES AND EXCHANGE COMMISSION This is a paper by the Staff of the U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the analysis, findings
Words: 24926 - Pages: 100
ACC307 – Accounting Theory Assignment Name: Chun Ho Hui Student ID: na20150418 Case Study 1 Questions 1. Explain why principles-based standards require a conceptual framework. A: Conceptual framework can be defined as “an attempt to define the nature and purpose of accounting” (Team, 2015). Conceptual framework is essential for principle-based standards because it lays out a fundamental structure for principles-based standards. Setting the standard on and relate to an established body
Words: 3325 - Pages: 14
Assignment 2: You Are an Entrepreneur Student: Peter M. Burke Instructor: Dr. Muhammad Sumadi ACC557: Financial Accounting November 18, 2012 Introduction When I was about two years old, my grandfather took me on my first of many fishing trips to a small lake near his house. When his grandchildren visited, we all went along with him. He gave each of us our own special fishing poles, and he taught us everything about fishing, from how to set up our poles to how to bait our hooks, and eventually
Words: 1993 - Pages: 8
Payable Buildings Cash Common Stock Copyrights Cost of Goods Sold Debt Investments Depreciation Expense Discount on Bonds Payable Dividend Revenue Dividends Dividends Payable Equipment Freight-Out Gain on Disposal of Plant Assets Goodwill Income Summary Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Classification A Current Liability Current Asset Plant Asset—Contra Plant Asset—Contra Operating Expense
Words: 56249 - Pages: 225
Executive summary This research concentrates on the relation between globalization and accounting and how it affects it. The paper analyses the effects of globalization from three different sections, the effects on management accounting, the effects on the Generally Accepted Accounting Principles (GAAP), and negative and positive effects on accountants. From the GAAP perspective, the accounting principles seem to lose supremacy in the world due to the upcoming international rules for financial accounting
Words: 1678 - Pages: 7
1 Egypt’s Accounting Standards (EAS) against IFRS: The Reason behind Compliance and The Main Differences. Ahmed Mostafa Eliwa German University in Cairo Supervised By: Prof: Dr. Ehab K. A. Mohamed 2 Chapter 1: IFRS Historical Background 1.1 Introduction The purpose of this chapter is to gather information about the history of the international financial and reporting standards (IFRS), the committee that issued them, and what the reasons behind issuing such standards are to be agreed and
Words: 4499 - Pages: 18
SUBMITTED TO PROFESSOR MARC MASSOUD AND DEAN GREGORY HESS BY MITCHELL SKOTARCZYK FOR SENIOR THESIS SPRING 2011 2 Table of Contents I. Introduction…………………….……………………………………………………………….4 II. Literature Summary………………………………………...………………...….……………..5 III. IFRS……………………...……………………………………………………..……………11 IV. Carve-outs…………………………………………………………………………………....18 V. Culture and Accounting………………………………………………………………………25 VI. Conclusion………………………………………………………………...…………………30 Appendix………………………………………………………………………………………
Words: 9884 - Pages: 40
Definition of 'Accounting Standard's An accounting standard is a guideline for financial accounting, such as how a firm prepares and presents its business income and expense, assets and liabilities. The Generally Accepted Accounting Principles is comprised of a large group of individual accounting standards. GAAP standards apply to financial reporting in the United States and may be eventually phased out in favor of the International Accounting Standards. 1. Generally Accepted Accounting Principles
Words: 4381 - Pages: 18
Bankruptcy IV MOTIVATIONS OF FRAUD A- Personal initiatives B- Market expectations C- Special circumstances D- Cover-up fraud V METHODS TO REDRESS THE FRAUD A- Court case B- Provisory administration VI CONCLUSION Summary In the book Creative Accounting, Fraud and International Accounting Scandals, by Michael J. Jones, the author provides several important topics with regard to identifying and also correcting fraud. Some of the areas that the author describes is understanding
Words: 1056 - Pages: 5
