+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
Analyse and discuss the external forces and industry conditions that have impacted TEOCO's performance over the years? Analyze and discuss how the internal organization and cu
Do you believe one method is preferable to the other? Why? Would you change the accounting standard to require one or the other method? Consider the perspectives of both the
Jasmine Richards met her boss, Rick McNeil, at the pop machine in the lobby. McNeil is the vice-president of marketing at Down East Lures Corporation. Richards was puzzled b
In 2010, Emily invests $100,000 in a limited partnership that is not a passive activity. During 2010, her share of the partnership loss is $70,000. In 2011, her share of the
Stock prices are useful as a leading indicator. To explain this phenomenon, which of the following is most accurate? Stock prices: Predict future interest rates and reflect th
The company inspects one Starter for every 100 produced, and inspects one Star for every 10 produced. The company expects to incur $56,400 of total inspecting costs this yea
McIntyre Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of December 31 has a credit bala
Prepare a schedule analyzing the changes in each of the plant asset accounts during 2011. This schedule should include columns for beginning balance, increase, decrease, and e