1. Convergence Project is undertaken by the IASB and the FASB jointly aiming at removing the differences between the two sets of accounting Standards, the GAAP and the IFRS. In other words, the main purpose of the project is to make the accounting standards of both the IASB and the FASB comparable so that there will be a global used accounting standard. (Deegan 2010, p49) This project will make international financial reports more comparable and more helpful for information users. The development
Words: 1488 - Pages: 6
accounting practices of every country where the company produces financial statements. This leads to the situation where you have a company reporting a shareholders’ equity of just over $15 million under the UK regulations, while in accordance with the US accounting rules the same company reports a shareholders’ equity value of $32 million, a difference of over 100% between the two financial statements of the same company. Accounting harmonisation and convergence have become important issues over the
Words: 3025 - Pages: 13
Diploma in International Financial Reporting (DipIFR). Should you have any questions after reading this brochure, please contact us at BPP Nederland. Contact person : Phone number: e-mail: Iris Calmes MSc RA 020 – 5677823 i.calmes@bppnederland.nl About the ACCA DipIFR The Diploma in International Financial Reporting is an internationally recognised qualification in financial accounting using International Financial Reporting Standards (IFRS / IAS). It is accredited by the ACCA (Association of
Words: 924 - Pages: 4
US GAAP vs. IFRS The basics March 2010 Table of contents 2 5 7 8 11 13 14 16 18 20 26 28 31 33 35 38 40 42 43 44 46 47 Introduction Financial statement presentation Interim financial reporting Consolidations, joint venture accounting and equity method investees Business combinations Inventory Long-lived assets Intangible assets Impairment of long-lived assets, goodwill and intangible assets Financial instruments Foreign currency matters Leases Income taxes Provisions and contingencies Revenue
Words: 19604 - Pages: 79
where they both agreed to develop of high quality accounting standards. Since that time the FASB and the IASB have been working on joint projects a.k.a convergence projects designed to improve both US Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS), eliminate differences between them, and ultimately make the standards fully compatible. In 2010, to increase efficiency the boards decided to focus on the priority projects. Two of those projects
Words: 5016 - Pages: 21
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
Words: 26892 - Pages: 108
Contents Page Editor’s comments 2 New challenges for central banks 4 Business integrity: A foundation for rebuilding reputation 16 The battleground for consumer banking 24 India: From sleeping tiger to stirring elephant 30 IFRS: Is your financial reporting sustainable? 42 Shari’a compliant financial services – standing its ground 48 Editor’s comments 2 by Phil Rivett the journal • Tackling the key issues in banking and capital markets Phil Rivett
Words: 23643 - Pages: 95
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 adopt IFRS matched
Words: 15821 - Pages: 64
AFX 5860 Assignment International Studies in Banking & Finance Visit 1: UN Food and Agricultural Organization [pic] Place: Rome Italy Brief Introduction: The Food and Agriculture Organizaiton of the United Nations (FAO) is a special agency of the United Nations that leads international efforts to defeat hunger. FAO acts as a forum where all nations meet equally to negotiate agreements and debate policy, it also a source of knowledge and information which help developed and developing
Words: 5165 - Pages: 21
research studies and textbooks to explain and predict the development of accounting systems internationally. However, their usefulness in international accounting has been limited in today's globalized world. For example, in the context of the EU, IFRS are required for consolidated accounting, while national accounting systems continue to be the dominant system for unconsolidated accounting in many countries. Using Germany as a case study, the objective of this paper is to examine whether Germany
Words: 10868 - Pages: 44
