instilled and application was consistent, would make markets more efficient by letting investors compare companies from different countries. In particular, the issue of American adoption of International Financial Reporting Standards (IFRS) is of importance because IFRS standards are used by companies in many countries around the world, including all the countries in the European Union, and some say that the best hope for assuring that the international standards are uniformly followed would be having
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IFRS Income Tax Accounting IFRS for SMEs: A less taxing standard? On July 9, 2009, the IASB published the International Financial Reporting Standard for Small and Medium-sized Entities (“IFRS for SMEs” or “the standard”), a self-contained standard of about 230 pages designed to ease the burden of IFRS reporting for entities that do not have public accountability. Globally, more jurisdictions may be encouraged to replace existing local GAAP with IFRS for SMEs. As a result, it holds important
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CASE10-3 Restructuring Costs Summary: In the case, Pharma is a subsidiary in the US, and the parent company is located in U.K. So when prepare the financial statement, it should repot both under IFRS and U.S. GAAP. Now, the company considers a program of restructuring, which is relocation of a manufacturing operation, and the plan would terminate some employees. At Dec.15, 2011 the company have a announcement that plan to vacate the plan on Jan.31, 2012, and the Dec 27,2011, the company
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ACCOUNTING 404 INTERNATIONAL ACCOUNTING FALL 2012 Instructor: Dr. Meihua Koo Office: Building 164, Room 2086 Email: mkoo@csupomona.edu Vmail: (909) 869-4531 Office Hours: Tuesday & Thursday: 5:00 – 5:45 p.m. Wednesday: 9:30 a.m. – 1:00 p.m. COURSE DESCRIPTION: Examination and discussion of accounting theories, techniques, procedures, accounting standards and regulations used in other nations. Examination of contemporary practices prevailing in different parts of the world. Emphasis on multi-national
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‘Framework for the Preparation and Presentation of Financial Statements’ Summary OVERVIEW The conceptual framework applicable on adoption of Australian equivalents to International Financial Reporting Standards (IFRS) will be: • SAC 1 ‘Definition of the Reporting Entity’; • SAC 2 ‘Objective of General Purpose Financial Reporting’; and • ‘Framework’ - Framework for the Preparation and Presentation of Financial Statements. The existing Australian conceptual framework
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IFRS 7: Financial Instruments: Disclosures This IAS contains amendments resulting from the adoption of Commission Regulations (EC) No. 2238/2004 of 29 December 2004 , Nr. 2237/2004 of 29 December 2004, No. 2236/2004 of 29 December 2004 and No. 108/2006 of 11 January 2006. Objective 1. The objective of this IFRS is to require entities to provide disclosures in their financial statements that enable users to evaluate: (a) the significance of financial instruments for the entity’s
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SUMMARY This essay is an attempt to understand the strengths, shortfalls and differences of current national and international accounting rules for reporting R&D expenditure, with a specific emphasis to pharmaceutical industry. This essay challenges the current dogma of considering R&D as an expanse and also provides some insights into overcoming these challenges. INTRODUCTION Accounting is an art and science of communicating the financial information of the organizations to its
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Objective of IAS 21 The objective of IAS 21 is to prescribe how to include foreign currency transactions and foreign operations in the financial statements of an entity and how to translate financial statements into a presentation currency. [IAS 21.1] The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. [IAS 21.2] (IASPlus, Deloitte) Key definitions [IAS 21.8] -Functional currency: the currency of the primary
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September 2011 (updated January 2012) Effect analysis IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities In The IASB’s approach to effect analysis Before we issue new requirements, or make amendments to existing IFRSs, we consider the costs and benefits of what we are proposing. This includes an assessment of both the costs incurred by preparers of financial statements and the costs incurred by users of financial statements when information is not
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Part 2 US GAAP and IFRS Part 3 China GAAP and IFRS Part 4 Summary of Convergence Process Part 5 Pros & Cons of Convergence Part 6 The reasons for differences in accounting practice ww.ifrs.org + The International Accounting Standards Board + The International Accounting Standards Committee (IASC) Foundation + Objective – a single set of global financial reporting standards + Aim – convergence between national standards and international standards + IFRS Framework + IFRS SMEs + Supported
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