Ifrs Sources for your Essay

U.S. Adoption of IFRS the


More than 12,000 public businesses in over 100 nations have adopted IFRS, and that includes the list of companies in the European Union. Other nations comprise of Canada and India, and they both are expected to changeover to IFRS sometime in 2011 (Anderson a & Nkansah, 2011)

U.S. Adoption of IFRS the


S. home bias that happens after the mandatory adoption of IFRS is much healthier for nations with superior variances among IFRS and their domestic accounting criterions, and for nations with a firmer decree of law (Khurana, 2010)

IFRS GAAP Convergence


S. companies, the benefits of IFRS-style revenue recognition will accrue mainly to multinationals, something that harms small business growth opportunities (Hail, Leuz & Wysocki, 2010)

IFRS GAAP Convergence


regulators, in particular to the Securities Exchange Commission. There is concern that IFRS has a higher variance of net income changes, higher change in cash flows and a lower negative correlation between accruals and cash flows, all of which lead to concerns in the United States about the reliability of financial statements produced under IFRS (Pologeorgis, 2013)

IFRS GAAP Convergence


S. GAAP on the issue of revenue recognition, and the new system might need to simply choose one or the other, rather than attempting to integrate both (Wustermann & Kierzek, 2005)

U.S. GAAP and IFRS There Two General


The inherent characteristic of a principles-based framework is the potential of different interpretations for similar transactions. This situation implies second-guessing and creates uncertainty and requires extensive disclosures in the financial statements" (Forgeas, 2008)

U.S. GAAP and IFRS There Two General


GAAP. However, the Security and Exchange Commission is looking to switch to IFRS by 2015, the system used in the European Union and many other countries (Loque, 2013)

U.S. GAAP and IFRS There Two General


GAAP, effective at the reporting date, is required for a company's first U.S. GAAP financial statements" (Romeo, 2008)

IFRS No.39 Hedge Accounting Requirements, Accounting for


Some of the financial instruments are stocks (where investors have a share in the company), exchange-traded funds (where stocks of company are exchanged), insurance (such s life or business insurance), forward contracts (an agreement between two parties to buy or sell an asset at a certain time), swaps (exchange of stocks), options (a contract which gives the owner the right to buy or sell an asset), many types of over-the-counter and derivative products, and futures contracts ( making a contract to buy / sell something at a future time). (Jorion, 2009) Identify and describe financial activities for which hedging behavior is appropriate and some of the activities for which companies commonly engage in hedging

Canada IFRS Canada\'s Dilemma: IFRS


Essentially, Ball expresses concern "that there inevitably will be substantial differences among countries in implementation of IFRS, which now risk being concealed by a veneer of uniformity." (Ball, 1) This is a concern which permeates all discourse concerning the seeming inevitability of internationalization and its intended universality of reporting policy conditions

Canada IFRS Canada\'s Dilemma: IFRS


Namely, among the objections which have been routinely raised since the inception of IFRS, "individual companies have cited conversion costs; there have been disagreements over individual standards; the timeframe was imposed by 'Europe'; the companies concerned were not consulted; the future direction of standard setting has become the subject of increasingly voluble concerns." (Dilks, 1) The numerous obstacles which stand in the way of implementation call into question not just the practical realities of IFRS but, in some instances, even the rationale for the uniformity there aspired to

Canada IFRS Canada\'s Dilemma: IFRS


S." (Ramanna & Cheng, 6) This highlights an issue of primary importance not just where Canada is concerned but also where the credibility of an International Accounting Standards Board is concerned altogether

Cox on Universal Standards (IFRS)


In a general sense, this dispute is intervened by the common acknowledgement that "in the past few years, a number of accounting researchers have used behavioral field experiments as a means of investigating the relationship between changes in the decisions made by specific users of that data." (Barrett, 50) the outcome of such research has generally been that individuals investing in mutual funds will have primarily based these decisions on the way that data is presented in financial reporting

Cox on Universal Standards (IFRS)


What's needed is a summary that will quickly give a retail investor a basic understanding of the fund, and that will permit ready comparison of this one fund to others the investor might be considering." (Cox, 1) Therefore, as we consider such parameters as those heavily implicated in the International Financial Reporting Standards (IFRS), where it will be acknowledged that to the perspective of some these global standards actually reflect a trend of deregulation, the value of brevity described here above will factor as a significant defense of the approach

IFRS and GAAP Convergence


IFRS enables the accountants to make their professional evaluation of transactions in the business. IFRS prevents atomization of the accounting process, which may yield errors in the organization (Bandyopadhyay & McGee, 2012)

IFRS and GAAP Convergence


The company is able to formulate ways of reducing costs to increase the revenue generated. Walmart can design new product or serve customers differently to ensure that market share increases (Tyson, 2011)

IFRS and GAAP Convergence


The increase in operating expenses will reduce the profitability of the organization in a volatile economy. Increased operating expenses may lead to the closure of some of the outlets owned by the company (Bohusova & Nerudova, 2009)

IFRS and GAAP Convergence


The use of a uniform accounting standard ensures that the investor can peruse strategies such as global diversification. The funds saved from unification of accounting standards channeled into other activities will increase the revenue generated (Fosbre, Kraft & Fosbre, 2009)

IFRS/U.S. GAAP Comparative Report the


S. And otherwise) may be using IFRS (Bradshaw, et al

IFRS/U.S. GAAP Comparative Report the


Theories and Debates Anytime that changes are made or changes are being discussed, there will be theories created and debates started as to what will be done and why it should (or should not) be done. There are many companies that want to see the changeover to IFRS standards, and nearly an equal number of companies that want to keep the GAAP standards they are used to (Crovitz, 2008)