How will enhance preparation of financial statements

Assignment Help Accounting Basics
Reference no: EM132281234

Question: The IASB XBRL Team develops and maintains the XBRL, the IFRS Taxonomy is used around the world to smooth the electronic use and exchange of financial data prepared using the conceptual framework of the IFRSs. (Click here to learn more about the IFRS.) In June 15, 2009, the Security and Exchange Commission (SEC) directed the use of eXtensible Business Reporting Language (XBRL) for large and accelerated filers. IFRS teamed up with XBRL to standardize financial reporting in an effort to encourage transparency, enhance comparability of financial information, and improve the quality of the reporting process.

For this Discussion Board assignment, consider the move by the SEC in 2009 and the current authorization for multinational companies to use IFRS to prepare and present their financial statements; and the XBRL Taxonomy developed by IASB.

• What impact will this have on the accounting information systems already in place in US?

• How will this enhance or impact the preparation and presentation of financial statements both under IFRS and US GAAP?

Reference no: EM132281234

Critically important real economic variable

Calculate the real wage (W/P) the first month of the Bush Sr. Administration (1/89) and compare it to the last month of the Bush Sr. Administration (12/92). Please show all

Revenue recognition

Revenue Recognition -  Suppose for purposes of this question that Cisco closes its books quarterly.  What journal entry or entries did Cisco make on October 31, 2011?

Handle part of renovation

Don pays Cardinal Construction Corporation $2.8 million to do the work. Don also pays an architect $400,000 to draw up plans for the project. Because the rewiring requiremen

Compare cost flows among service

Using your textbook and at least one scholarly source, compare cost flows among service, merchandising, and manufacturing enterprises, explaining how healthcare differs from t

Calculate the break-even time for the new product

Sales will begin after two years and will generate an annual discounted net cash flow of $200,000 starting in year three. Calculate the break-even time for the new product.

Real rate of return on the investment

Suppose you bought an 8 percent coupond bond one year ago for 1090. the bond sells for 1056 today. If the inflation rate last year was 3 percent, what was your total real ra

Managerial accounting from a provider perspective

You have been immersed in the world of managerial accounting (i.e., cost accounting) for seven (7) weeks. What is your assessment of cost/managerial accounting from a provid

Determining the bond redemption decision

Armstrong Aero Ace, a flight training school, issued $100,000 of 20-year bonds at face value when the market rate was 10%. The bonds have been outstanding for ten years.

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd