the International Accounting Standards Board or IASB addressing the need to develop a common worldwide standard for financial reporting under the Generally Accepted Accounting Practices (GAAP) and the International Financial Reporting Standards or IFRS. This meeting resulted in what is known as the, “Norwalk Agreement.” What was discussed at that meeting was an agreement to streamline the financial reporting process to make more compatible. Additionally, they will try to work together on any upcoming
Words: 733 - Pages: 3
BAC 3634 Corporate Accounting I Trimester 1 2015/2016 Group Assignment Topic: IFRS & IAS and The Practical Disclosure In Fraser & Neave Holdings Berhad Prepared for: Mdm. Haslin Binti Johari Prepared by: No. | Name | ID | 1 | Tan Se Man | 1102703355 | 2 | Wong Chin Ang | 1102703373 | 3 | Gan Hui Leng | 1102703420 | 4 | Neo Zi Sin | 1102703513 | 5 | Cheah Zhi Qin | 1112701231 | Table of Contents List of Diagrams I 1.0 Introduction 1 1.1 Economics
Words: 5700 - Pages: 23
Comparing IFRS to GAAP Essay In the Accounting industry, there are various principles and guidelines by which financial accountants, analysts, and organizations need to abide by. The International Accounting Standards Board (IASB) issues standards (IFRS) that have been adopted by the United States and several countries outside of the U.S. (University of Phoenix, 2013). The IFRS along with Generally Accepted Accounting Principles (GAAP), professionals in the accounting industry use these guidelines
Words: 856 - Pages: 4
changes on the recognition, measurement and disclosure on leasing by the lessor and the lessee stipulated in IASB Exposure Draft 242 with the exclusion of leasing of investment property. The comparison should be discussed in light of the present standard IFRS 117 on Leases. Submission: A hard copy of the assignment must be submitted in the relevant assignment box by the due date. Electronic submission is not permitted. Penalties for late lodgement: A maximum penalty of 10% of the total mark allocated
Words: 647 - Pages: 3
International Financial Reporting Standards” (IFRS). Beginning with the author’s strategy, the learner identifies the theoretical framework and research methodology followed by an explanation of the work’s organizational layout. The next sections explore the levels of analysis used and the limitations, implications, and recommendations as identified by the author. Finally, the paper will present a visual in the form of a concept map and conclude with a brief summary about the learner’s takeaways from this
Words: 727 - Pages: 3
Executive Summary TELUS is one of Canada’s leading telecommunications companies. The revenue of the company is generated mostly through residential and corporate phone service. The company has been able to stay ahead of the competition by innovating and providing the best solution to Canadians at home, in the workplace, and on the move. For them to continue to strive, they need accurate financial reporting and up-to-date accounting policies in today’s competitive environment. Introduction
Words: 735 - Pages: 3
The Road to IFRS in India A practical guide to IFRS 1 and first-time adoption The Road to IFRS in India - A practical guide to IFRS 1 and first-time adoption 2 Introduction The Road to IFRS International Financial Reporting Standards (IFRS) is fast becoming the global accounting language. Over 100 countries have now adopted IFRS and many more have committed to make the transition in the next few years. The benefits of global standards are widely acknowledged. For companies, however
Words: 38884 - Pages: 156
Property, Plant and Equipment Property, Plant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets, such as equipment, furniture, tools, machinery, buildings, and land. These fixed assets are long-term or relatively permanent assets. Also, they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets are
Words: 4741 - Pages: 19
Reporting Discuss how your company’s financial statement would differ if they reported under IFRS. Be as specific as possible and discuss any costs and benefits to the company. There are many similarities in US GAAP and IFRS. Convergence continued to be a high priority for both the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). However, the convergence process is designed to address only the most significant differences. While standards
Words: 1079 - Pages: 5
Is the Difference in Accounting Treatment of Post-Retirement Benefits under IFRS Beneficial or Detrimental to the Financial Position of a Company Currently Reporting Under US GAAP? Megan N. Cook, CPA, CFE Accountancy 521 Professor Lawrence March 9, 2009 The first pension plan offered by an American employer was that of American Express in the year 1875. Amex’s plan did not resemble the plans that we see in today’s time; the first “modern” defined benefit plan was created in 1940 by the
Words: 2667 - Pages: 11
