Summaries of Financial Reports

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Recommended: Universal financial reporting standards

The objectives of financial report are different from each country, therefore, the worldwide market use the financial report from different countries all over the world following one practice standard. To respond to the need of this worldwide market, the US public companies must do the dual reporting to disclose and to present comprehensible information to the international investors and creditors. Statement of the Problem The dual reporting has been done by US public companies to attract more investors and creditors in the global market. The global market makes the US companies already doing their reporting under GAAP to file another reporting under IFRS. Unfortunately, the U.S. public companies are taking a long time to finish the dual reporting due to the difficulties they confront or the challenges in the business to convert to IFRS and the intention deferred of SEC to apply the IFRS in U.S. even the FASB was taking an action for the conversion. Research Question The purpose of this thesis is to determine what the U.S. public companies must do on their financial reporting to attract more investors and creditors in the global market? In addition, what are the consequences of the actions taken by the US public companies to convert to IFRS? To answer these questions, the following sub-questions will be addressed: 1. What modifications in the reporting financial can be performed to attract more investors and creditors in the worldwide market? 2. What are the implications of converging U.S. GAAP and IFRS? 3. What are the advantages and disadvantages of using the IFRS? 4. How are the US public companies affected by the adoption of IFRS in the global market? Significance of the study This study is particularly si... ... middle of paper ... ...cial statement and the impacts on the flow of funds. Chapter 4 - Research Question Findings. The implications of converging U.S. GAAP and IFRS. This chapter deals with the difficulties and the challenges that the US public companies face. Chapter 5 - Research Question Findings. The advantages and disadvantages of using the IFRS. This chapter explores the details of the IFRS as well the need of adopting the IFRS. Chapter 6 - Research Question Findings. The US public companies affected by the adoption of IFRS in the global market. This chapter shows the way that the US public companies concerned by the adoption of the IFRS in the global market Chapter 7 - Summary and Conclusions. This chapter restates the problem and the research questions, summarizes the findings from the research and presents the conclusions to the research questions drawn from the research.

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