+1-415-670-9189
info@expertsmind.com
General ledger and reporting systems
Course:- Accounting Basics
Reference No.:- EM13872134




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

Question :"General Ledger and Reporting Systems" Please respond to the following:

Your firm is planning to move to International Financial Reporting Standards (IFRS) reporting within the next fiscal year. Analyze the risks and rewards by moving to IFRS and the impact that technology will have on the change. Include the advantages and disadvantages of IRFS compared to the Generally Accepted Accounting Principles (GAAP). Provide specific examples to support your analysis.

Develop a proposal for migrating your firm to IFRS from GAAP. Discuss how you will educate your users in IFRS.

Answered:-

Verified Expert


Preview Container content

According to www.irfs.com, International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements. According to USA Today, the adoption of IFRS is inevitable and those who do not start to adopt these principles will fall behind. According to Christopher Cox of the SEC, the move would be "a revolutionary development that will streamline global reporting standards” (www.usatoday.com). The advantage to adopting IFRS is that we would be on the same standards as our foreign competitors. This would eliminate having to be in compliance with two set of standards and would make the financial reporting easier for companies (www.ifrs.com).




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
Treasury Stock Transaction-Nature corporation engaged in the folloiwing treasury transactions during current year. Complete three journal entries to record these treasury stoc
On Oct. 29 of the current year, a company concluded that a customer's $4,400 account receivable was uncollectible and that account should be written off. What efect will thi
Second Church is going to operate a gift and book shop that will include only religious articles in its inventory. The shop will be staffed by employees who are not church m
Miller Company's most recent contribution format income statement is shown below: Prepare a new contribution format income statement under each of the following conditions (co
a) At the meeting of the marketing staff, you have to explain what this output means. What will you say? b) What advice would you give the company about the upcoming ad campai
a. A television executive wants to estimate the proportion of viewers in the country who are watching the network at a certain hour. b. A newspaper editor wants to survey th
On April 1, 2004, Norcross Corporation purchased a new machine for $550,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an
Mario and John, who run the best barber shop in Westchester, decided to expand their business. They sold their old equipment and moved to larger quarters in the Arcadian Mal