Introduction
In response to increase international investment and cross-listing of multinational companies, there have been worldwide effort to harmonize accounting standards by require the listed company in European Union (EU) countries to prepare their financial statements according to International Financial Reporting Standards (IFRS). IFRS are a set of accounting standards developed by the International Accounting Standards Board (IASB). It has become the global standard for the preparation of public listed company financial statements. The objective of IFRS are to build up a set of quality, easy to comprehend, easy to enforce through the IASB and encouraging the use and fast implementation of those standards. To achieve the objectives, the IFRS is developing and publishing profiles about the use of IFRS in individual jurisdictions (Pacter, 2014, p6-10). In 2003, the first IFRS was issued by which time at least 19 countries required to compliance with the international standards. At least 40 countries continue to require domestically developed accounting standards over IFRS in year 2007. Some large economics like Japan, China and USA were in the list of 40 countries.
Speak the same language
The benefit of switching to a global accounting standard is that a financial statements from a country will be using the same rules as another country’s financial statements. In an increasingly global market place, international comparability is critical to enable the effective allocation of scarce resources (Hicks, 2009). IFRS have allow companies and users of preparing the financial statements to speak the same language, resulting them to be easier to compare with each other. In the current system, if a company used a different rule i...
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...-104). In my opinion, implementing a global set of accounting standards will allow companies to be more competitive in a global marketplace and find more sources to raise capital. Also, companies will be able to cut down the number of financial statements they prepare and lowering expenses in organizations. IFRS establish a level playing field for globalized markets and enhance cross-border capital flows. A set of high quality global accounting standards will provide financial market participants with comparable financial statements and thereby help them make economic decisions (Cascino and Gassen, 2011). Tdhe transparency in financial reporting would support the good governance practice. Last but not least, the quality of the IFRS standards should be evaluated so that investors do not lose confidence in the reliability and accuracy of the new financial statements.
Switching to IFRS will help not just companies but also investors and public globally to compare financial statements. If every country has different financial standards, if would be problematic to compare how each company stands because they are not the same.
The Revised Children’s Manifest Anxiety Scale (RCMAS-2) is a revision of the Children’s Manifest Anxiety Scale (CMAS) created by Cecil Reynolds and Bert Richmond in 1985 (Reynolds & Richmond, 2008). The RCMAS-2 includes an updated standardization sample, improved psychometrics, and broadened content (Reynolds & Richmond, 2008). Although these revisions occurred, the brevity, elementary reading level, and content-based item clusters were retained, offering an updated and effective tool for understanding and treating anxiety in school-aged children (Reynolds & Richmond, 2008).
As Martin Luther King Jr. once said, “Faith is taking the first step even when you don’t see the whole staircase.” (Brainyquote.com) Martin Luther King Jr. was born in January 15, 1929 in Atlanta, Georgia. King skipped ninth and eleventh grade. He stood up and became a leader in the Civil Rights Movement to try to get equal rights for all. In 1964, he was the youngest to ever receive a Nobel Peace Prize. He is very well known for his "I Have A Dream" speech which took place in front of the Lincoln Memorial in Washington DC on August 28, 1963. Martin Luther King Jr. should be Innovation Academy's most influential person because he was a great public speaker, he supported and helped others, he also influenced others.
Canada has been known as a peaceful country throughout the years. Its modest image has kept them from being attacked by terrorist. In Robert W. Murray and John McCoy article, “From Middle Power to Peace Builder: The Use of the Canadian Forces in Modern Canadian Foreign Policy,” it talks about how Canada wanted to be established as the peacekeeper between other international powers. Robert W. Murray and John McCoy discusses ideas about a Canadian foreign policy that was created to maintain a middle ground between large and minor powers. Canada did a lot to dedicate itself to ensuring its national security by faithfully participating within many international institutions. McCoy and Murray article discusses about the idea of Canada’s peacekeeping and being the middle man power, and how it was established during their involvement in Afghanistan. In the beginning of the article, it explains Canada’s transformation of foreign policy and how it went from being a middle power force to becoming an active force in the policy of peacebuilding.
How will you contribute to the mission of the National Health Service Corps in providing care to underserved communities?
What is IFRS, and what is its significance in the world market? In 2001 the International Accounting Standards Board, or IASB, was created to develop a set of standards by which global financial statuses could be reported. According to financialstabilityboard.org, this set of standards, known as the International Financial Reporting Standards, or IFRS, falls under the jurisdiction of the IFRS Foundation, which is a non-profit, private and independently run entity that exists for the public interest, is based on four principle objectives. The first is to develop a single set of international financial reporting standards (IFRS). This set would be high in quality, readily understandable, easily enforceable, and acceptable world-wide. The second objective is to encourage the use of this set of standards in the international business world. Thirdly, the ISAB would like to monitor the needs of different sizes and types of businesses in different settings. The fourth objective is to promote the adoption of the IFRS by converging national accounting standards wit...
This week was very exciting in terms of my informational interviews and being able to work security at a music event. The informational interviews not only helped being the classroom to the real world but also provided me with real examples to better strengthen the connection. I also learned a lot in terms of dealing with the public in a busy environment and how to most successfully defuse a situation in which alcohol and attitudes are involved.
The globalization of business has resulted in the need for compatible accounting standards that can be used internationally for financial reporting. As a result, the International Financial Reporting Standards (IFRS) were developed by the International Accounting Standards Board (IASB) to unify the various financial reporting methods and create a single accounting standard which can be applied to any financial statement worldwide (Byatt). The global standardization of financial reporting will increase the readability and enhance comparability of globally traded companies’ financial statements, without the need of conversion or translation. There are a few main differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (U.S GAAP). The increasing recognition and acceptance of the International Financial Reporting Standards by accounting professionals in the United States, will affect the way in which the U.S will record financial statements in the future.
The main objective of the IASC was the development of International Accounting Standards, in an effort to reduce the differences in accounting practices across countries. Harmonization is the name given to the process of reducing differences in financial reporting practices and increasing comparability of financial statements in various countries. As such the intent of the IASC was to create a set of accounting rules that would be relevant and consistent to all countries ...
Despite the international system being anarchical, it is not in a state of total chaos due to a number of significant factors such as those above. It is obvious that the current international system is highly influenced by many significant factors and some are more prominent than others. With the continued existence of international anarchy it is up to the States and the International Organisations to continue to make the decisions that are in their own best interest and to maintain order and an ever-improving way of life.
I am currently employed as a Software Engineering Senior Analyst at Accenture. The Information system advances so rapidly that at times it is too difficult to keep up with it without proper knowledge and experience. While most of the people do get a relatively easy entry in the field after under graduation, it is very difficult to aim for a constant growth only on that basis. The field demands upgraded knowledge and experience for career growth and (achieve goals). And that is why I aspire, to pursue Masters in Management Information Systems at your esteemed University.
I have applied the IFRS to audit half-year income statement and statement of finical position from domestic sub-company or oversea branches. This allows me to understand the difficultly of dealing with accounting report form different nations. For example, we have to negotiate each report from the U.S. with their reporter by phone. It would take incredibly long time to explain the difference in order to adjust the figures in the reports. During the stuff training, we have been taught that to be professional at everywhere and anytime. Moreover, I realise that the most important feature to be a professional accountancy is responsibility. This is because that a unit of misallocation will cost other team number a huge amount of work to correct it. The experience of taking notes of weekly conferences between senior managers and PWC partner has indicates that how does change in financial policy influence the accounting treatment. For instant, since vice-perminster Mr Le Ke Qiang who visited China Construction Bank at earlier May. He point out that the Rate of Non-Performing Loans could not exceed 7% in the “BIG Four” Chinese bank. This has led Chinese bank to relax its accounting standard of credit rating. It allows me to understand the relationship between government and financial
(i) Judgement and materiality play a significant role in helping to ensure that the selection of accounting policies in presenting the financial statements for a true and fair picture of the company’s financials. This means that entities should provide the financial statements with comparability, consistency and clarity to users of these statements. Entities must follow accounting policies required by IFRS and AASB should be relevant to particular circumstance.
...pt. That is however, not to say that it is without its problems, as previously discussed, it can possibly lead to a two tier system of reporting, despite reducing complexity its flexibility can limit comparability and place a heavy onus in terms of judgement of the preparer. Finally its simplifications may perhaps infringe upon the ease of which a private entity wishes to become public listed company. However, the disadvantages of adopting the standard are fat outweighed by the potential benefits it offers. As more time goes on, we will no doubt see more countries and companies adopting the standard. If capital providers (primarily banks) clearly understand and have confidence in the financial statements prepared under the guidance of the standard; then an SMEs ability to obtain the capital it need improves. Ultimately the economy in which it operates improves.
Modern information system is now popular all over the world, it also change the accounting area. Instead of the old manual analysis, many companies making effort in developing a fitted accounting information system for themselves, as they realize the advantages that the new technology brings in - more efficient and accurate in processing, integrated data, detailed record etc. However, even though there are so many benefits, the functional system also brings challenges, making new requirements to the accountants and auditors. This paper will discuss the impact of technology to the accounting information system, as well as the necessary capability ethics that the accountants should learn in this 21th century.