ACC 310 Fall 2013 Research Case Two 1. International Financial Reporting Standards, abbreviated “IFRS”, are a set of high quality, understandable, enforceable, and globally accepted rules for companies to use all over the world. These IFRS are permitted or required in around 120 countries. Companies, securities regulators, investors, creditors, and other business people alike prefer to have comparable financial statement information when making business transaction internationally. IFRS presents
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2011. The International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). The functions of the IFRS foundation can be divided into two main areas: Governance and oversight, and operations. The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) are committed to crafting one set of accounting standards. The goal of the convergence project is to unify accounting standards
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The Fair Presentation Requirements of International Accounting Standard 1 will Undermine the UK’s View of True and Fair During the last 20/30 years there has been an increase in trade and communication. It is easier for people to do business across the world as the new technology allows this to be possible. The problem with this is that different countries have different ways of accounting standards, and therefore there is a problem on how to account standards. Hence, during the last years the
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information increased significantly. As a result we witnessed many countries that have adopted International Financial Reporting Standards (IFRS) in replace of their global General Accepted Accounting Principles (GAAP), or at least have permitted IFRS. European Union is one important example of twenty eight countries that adopted IFRS in 2005. European policy makers state that the reason for adopting one set of accounting standers is to “level the playing field” for investors in the European capital market
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identify better information? The relevance and reliability are the two main criteria that would identify better information since this would result useful and trustful information. 9-Is the setting of accounting standards desirable for society? If so, who should set standards? Yes, the setting of accounting standard is desirable for society because it provides investors with relevant information. There are a variety of standards that each depends on its setter for example the “Public Interest Theory”
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MALAYSIAN ACCOUNTING STANDARDS BOARD Technical Release i-4 Shariah Compliant Sale Contracts © Malaysian Accounting Standards Board 2010 1 TR i-4 This Technical Release (TR) contains material in which the International Accounting Standards Committee Foundation (IASCF) holds copyright and which has been reproduced in this Statement with the permission of IASCF. Copyright in the International Financial Reporting Standards (including Interpretations), International Accounting Standards
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Objectives of GPFR The conceptual framework (CF) is a logical guideline of interrelated objectives and fundamentals that are expected to lead to consistent accounting standards and underlie the preparation and presentation of financial reports. Only CF and SAC 2 deal with the objective of GPFR (Mala 2013, pp. 12-6). There is no clear definition of the objectives of GPRF in the Conceptual Framework but according to the CF’s guideline and SAC 2 there are few objectives that GPRF should be met: OB1
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decades, different generally accepted accounting principles (GAAP) have been developed in various countries. These differences have arisen in response to the unique legal, regulatory, litigious, social, economic, religious, and cultural environments of the countries they were created in (Wiecek and Young, 1-2). The increase in globalization coupled with related regulations has given rise to the need for a common set of global accounting standards – International Financial Reporting Standards (IFRS)
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conceptual framework in setting accounting standards Ian Dennis Business School Oxford Brookes University Abstract The paper examines the nature and role of a conceptual framework for financial reporting. Although much has been written about such frameworks and their purported role and the FASB and IASB are currently revising and converging their frameworks there are still questions about the kind of thing it is and how it is used in setting accounting standards. Using insights from
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Executive Indian Banks’ Association IFRS Convergence: Challenges and Implementation Approaches for Banks in India In line with the global trend, the Institute of Chartered Accountants of India (ICAI) has proposed a plan for convergence with International Financial Reporting Standards (IFRS) for certain defined entities - including banks - with effect from April 1, 2011. Convergence to IFRS would mean India would join a league of more than 100 countries, which have converged with IFRS. We believe
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