Accounting Standards Boards Paper Accounting Standards Boards Paper This paper will discuss the relationship of the two accounting boards, International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). Both groups are working on a venture known as the convergent project. The convergent project is an attempt by the IASB and FASB to eliminate differences between the International Financial Reporting Standards and the US GAAP. This paper will also
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Post Communism Accounting Practices and The Effects of Adapting IFRS for SMEs Abstract Romania, located in southeastern European, was heavily influenced by the Russian Soviet Union as a socialist republic between 1947 and 1989. With becoming a capitalist country in 1989, its accounting practices began its transformation. The purpose of this paper is to analyze Romania accounting practices post its revolution. The paper discusses three major accounting practice conversions
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Claremont Colleges Scholarship @ Claremont CMC Senior Theses CMC Student Scholarship 2011 The Effect of Culture on the Implementation of International Financial Reporting Standards Mitchell A. Skotarczyk Claremont McKenna College Recommended Citation Skotarczyk, Mitchell A., "The Effect of Culture on the Implementation of International Financial Reporting Standards" (2011). CMC Senior Theses. Paper 165. http://scholarship.claremont.edu/cmc_theses/165 This Open Access Senior Thesis
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Indian Accounting Standards: Scope, Procedure and Compliance by Puneet Accounting Advertisements: Formation of the Accounting Standards Board: The Institute of Chartered Accountants of India, recognizing the need to harmonies the diverse accounting policies and practices at present in use in India, constituted an Accounting Standards Board (ASB) on 21st April, 1977. Scope and Functions of Accounting Standards Board: The main function of ASB is to formulate accounting standards so that such
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Harmonization of international accounting standards Every organization has their own accounting systems and standards. If every organization is preparing its financial reports in their own way, it is difficult for the users of accounting to use the financial reports. (Kirk, & Miller, 1986) Harmonization of international accounting standards as the trend for globalization in business becomes increasingly important for economic success, many issues arise through international business practices
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systems and how those jurisdictions address concerns regarding the regulatory responsibility of the jurisdiction’s capital market regulators, the impact on national standard setters, and the consequences for other bodies responsible for the broader accounting standard-setting process” (page 4). The staff’s research has shown that “…jurisdictions generally have incorporated or intend to incorporate IFRS into their reporting requirements for listed companies by either: (1) full use of IFRS as issued by
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Introduction Pharma Co. is a U.S. subsidiary that has a U.K. parent company and a U.S. based lender. They are in the process of restructuring the company and the question has been presented as to whether or not they should record a provision for the restructuring according to GAAP and IFRS guidelines. It is found that they do meet the qualifications for being liable and should therefore record a provision for both their U.K. parent company and their U.S. lenders. Evidence for this conclusion
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Does Mandatory Adoption of IFRS Improve Accounting Quality? Preliminary Evidence* ANWER S. AHMED, Texas A&M University MICHAEL NEEL, University of Houston DECHUN WANG, Texas A&M University 1. Introduction We provide evidence on the preliminary effects of mandatory adoption of International Financial Reporting Standards (IFRS) on accounting quality for a relatively broad set of firms from 20 countries that adopted IFRS in 2005 relative to a benchmark group of firms from countries that did not
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IFRS vs. GAAP Introduction The U.S. GAAP is accounting principles adopted by the U.S Securities and Exchange Commission (SEC). Over time SEC has been talking about moving these principles over to the IFRS, The International Financial Reporting Standard. “IFRS is an accounting standard that was developed by a not-for-profit group called the International Accounting Standard Board. (www.Ifrs.com)” This summary will give you a subject by subject look of some differences and similarities both the
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and GAAP are two major accounting instruments that play a huge role in the accounting industry. IFRS stands for International Financial Reporting Standards. IFRS defines the accounting standards that are developed and approved by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). The IASB is a private sector that was established in the year of 2011 and currently has 16 members. While GAAP, Generally Accepted Accounting Principles, is a combination
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