+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
The jury in the MedTrans v. Deloitte lawsuit ruled that the accounting firm negligently resigned from the 1992 audit, breached its contract with the client, and made defam
The following is a summary of all relevant transactions of Vicario Corporation since it was organized in 2010. In 2010, 15,000 shares were authorized and 7,000 shares of commo
On June 1 of the current year, Tab converted a machine to rental property. At the time of the conversion, the machine was worth $90,000. Five years ago Tab purchased the mac
Fairfield company applies manufacturing overhead to products at a predetermined rate of $50 per direct labor hour. Its manufacturing costs for the most recent period are sum
Compares the operating cash flows with the current liabilities of the business. Expressed in terms of the number of times the operating cash flows will cover the current liabi
Use the information for IBM from BE21-6. Assume the direct-financing lease was recorded at a present value of $150,000. Prepare IBM's December 31, 2011, entry to record intere
Ashland Burglar Alarms Inc. sells a single product. The product has a selling price of $50 per unit and variable expenses of 80% of sales. If the company's fixed expenses to
Use the annual report for the year ending 30 June 2015. Your group will need to review the major sections of this report in order to familiarize yourselves with the content