Ifrs and accounting consensus

Assignment Help Accounting Basics
Reference no: EM1358264

Write a 1-2 page research summary on the document below authored by Sunder. Focus your paper on Sunder's five key elements of consensus for common accounting standards for multinationals.

IFRS and the Accounting Consensus

SYNOPSIS: A broad consensus in accounting favors principles over rules to guide creation of a uniform high-quality set of standards for use everywhere, and granting monopoly power to a single body for this purpose. If implemented into policy, this consensus will discourage discovery of and evolution toward better methods of financial reporting, make it difficult to conduct comparative studies of the consequences of using alternative methods of accounting, promote substitution of analysis and thinking by rote learning in accounting classes, help discourage talented youth from collegiate pro- grams in accounting, and probably endanger the place of accounting discipline in uni- versity curricula. Because the presumed benefits in the form of increased comparability of financial reports internationally or stateside are unlikely to be realized, the wisdom of undertaking these burdens remains questionable. The paper calls for a re-examination of the accounting consensus.
Keywords: accounting education; accounting standards; IFRS; uniformity. JEL Classifications: M41; M44.

INTRODUCTION

This paper presents a heterodox perspective on International Financial Reporting Standards

Reference no: EM1358264

Unamortized discount-premium on the effective interest basis

The bonds are dated January 1, 2010, and mature January 1, 2015, with interest payable December 31 of each year. Osborn Company allocates interest and unamortized discount o

Determine the annual and total depreciation recorded

At December 31, 2010, the balance sheets of the two companies are similar except that Lingo Company has more cash than Reimer Company. Sally Vogts is interested in buying one

Process of designing the payroll system

Write a one page reflection on the process of designing the payroll system. Describe how both organisational and legislative requirements are met by each step of your propos

Reporting financial performance

The introduction of FRS 3, Reporting Financial Performance, has resulted in a considerably expanded profit and loss account with related disclosures and a new primary statem

Office resources for personal tasks

If you believe her behavior is unethical, what controls could be in place to prevent it? Have you ever used office resources for personal tasks? Under what conditions could

How do unrealized intercompany inventory profits from period

How do unrealized intercompany inventory profits from a prior period affect the computation of consolidated net income when the inventory is resold in the current period?

Calculations federal withholding

Calculate the payroll for the end of February. Include in your calculations federal withholding, FICA, and FUTA. Assume that Jones Company received the maximum credit for st

Role of internal controls in complying with sox

In the wake of accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of interna

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