Implementing XBRL Developing a roadmap for the SEC mandate Contents 1 2 4 14 What is XBRL? XBRL and the SEC Implementing XBRL Focus on quality To our clients and friends For several years now, momentum has been building towards a single electronic financial reporting standard to allow more efficient retrieval and analysis of financial information. One of the key objectives of this movement to digital financial reporting is to enhance the accessibility of financial information
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of revenue and expenditures that I expect to incur to earn those revenues. I will build a detailed chart that includes business units, divisions, product lines, etc.) Next, I will analyze whether I will be required to use GAAP or IFRS accounting methods and how the IFRS/ GAAP convergence will impact my business. I will then seek ways to incorporate any changes into my books and records. Then, I will prepare a pro form balance sheet and an income statement providing the assumptions made and support
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Accounting Cases STEPS Identify my role * Auditor: Makes sure the financials are represented “fairly”. Fair to whom. Concerned with Fair Representation. Public company: Not sure who your users are: so you use GAAP so ensure ppl are using the same thing. Who do I work for? Companies? No, but the users. * Advisor: Advisor to seller or buyer? Or lawsuit. * In the Company (CFO, CEO). I work for the company. Example: A company is in poor shape is trying to get a loan
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Global Accounting Convergence and the Potential Adoption of IFRS by the U.S. (Part I): Conceptual Underpinnings and Economic Analysis Luzi Hail, Christian Leuz, and Peter Wysocki SYNOPSIS: This article is Part I of a two-part series analyzing the economic and policy factors related to the potential adoption of IFRS by the United States. In this part, we develop the conceptual framework for our analysis of potential costs and benefits from IFRS adoption in the United States. Drawing on the academic literature
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FASB VS. IASB - Convergence Project Shenita Baker ACC541 November 15, 2011 Delphine Wolsker FASB VS. IASB - Convergence Project The Financial Accounting Standard Board (FASB) is located in the United States and was formed in 1973 as a private sector to establish guidelines for financial accounting. These standards command the arrangement of financial reports by nongovernment bodies. The Financial Accounting Standard Board has only 5 members. The FASB standards are known by The American
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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………………………………………………………………………………………
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inconceivable with so many interpretations and loopholes. In today’s business world not only are companies governed by federal income tax laws, but also accounting guideline established by the national framework of generally accepted accounting principles (GAAP). Due to the complexity of the guidelines and tax laws, many questions arise with regard to the interpretations. Taxpayers may ask are the practices used to reduce taxes, tax avoidance, or tax evasion. History of Income Tax Income taxes can be traced
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reported expenses in a specific period. When cash basis can be used without violating GAAP. Cash based accounting systems are allowed only for small businesses mainly for tax reasons. Cash based accounting is neither allowed in the IFRS nor the GAAP. In certain circumstances, cash basis may be applied in a small business where maintaining and implementing accruals system might prove costly simply outweighing the costs vs benefits. Cash
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|4, 5, 6, 7 |1, 2, 3, 5 | | |theory. | | | |4. |Historical development of GAAP. |8, 9, 10, 11 |8, 9 | |5. |Authoritative pronouncements and rule-making bodies. |12, 13, 14, 15, |3, 9, 11, 12, 13, 14, 16, 17 | |
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é The Effects of Mandatory IFRS Adoption in the EU: A Review of Empirical Research October 2014 Information for Better Markets An initiative from the ICAEW Financial Reporting Faculty The Effects of Mandatory IFRS Adoption in the EU: A Review of Empirical Research forms part of the Information for Better Markets thought leadership programme of ICAEW’s Financial Reporting Faculty. ICAEW operates under a Royal Charter, working in the public interest. As a world leading professional accountancy
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