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.


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

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
Stech Co. is issuing $6.5 million 12% bonds in a private placement on July 1, 2012. Each $1,000 bond pays interest semi-annually on December 31 and June 30 of each year. The
The kurten corporation is authorized to issue $500000 0f 8% bonds interest on the bond payable semiannually ;the bond are dated january 1,2010 and are due december 31,2015
The bonds are convertible into 30 shars of Haas $5 par value common stock for each $1,000 worth of bonds. On 12/31/08, after the bond interest has been paid, $20,000 face va
a) Write appropriate hypotheses. b) Check the necessary assumptions. c) Perform the mechanics of the test. What is the P-value? d) Explain carefully what the P-val
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
Determine the predetermined overhead rate for year 2011. (Omit the "%" sign in your response.) Predetermined overhead rate %. Determine the total overhead cost applied to each
Sheridan Company leases an automobile with a fair value of $16,256 from John Simon Motors, Inc., on the following terms: Non-cancelable term of 50 months. What is the present
Describe how the selected computer assisted auditing techniques will be used to validate data and system integrity within the system. Explain the functions of audit productiv