Accounting diversity and harmonization, Accounting Basics

Assignment Help:

The analysis focused primarily on the role, structure and funding arrangements for the International Accounting Standards Board (IASB), an entity that has been responsible for major initiatives and agenda related to accounting harmonization worldwide. As we reviewed the structure and responsibilities of the IASB, it became clear that the organization cannot succeed in the future without the assistance of two key market players: the European Union (EU) and the US. While the US has consistently supported IASB regulation, the process of using IFRSs in the US is fairly new. This lesson will focus on specific current proposed regulation that will promote and mandate the use of IFRSs for certain US companies by year 2014.

The first part of the lesson will focus on the rationale behind IFRS application in the US. Specifically, we will consider why the US SEC believes that the use of IFRS will be appropriate and could be more beneficial to the US financial market than US GAAP standards. As part of this discussion, we will analyze the increasing global nature of today's capital markets; the application of IFRS as high-quality accounting standards in foreign jurisdictions; and the institutional capacity of the IASB to become a global standard setter for accounting harmonization in the future. After reviewing this topic you should be able to examine the benefits and hurdles of IFRS adoption in the US market.

Topic will focus on the US SEC Roadmap for potential use of financial statements prepared in accordance with IFRS by US issuers. We will examine the milestones and agenda set forth by the Roadmap, including improvements in financial standards, institutional accountability, interactive data reporting, training, auditing and accounting controls. This section will also provide an overview of proposed limited use of IFRS and potential mandatory regulation after 2011. By the end of the lesson you will be able to describe the US SEC proposed accounting harmonization Roadmap for IFRS implementation by US issuers and the steps that will be involved in the process of analyzing the applicability of IFRS adoption in the US market.  

The forum discussion, as well as the individual assignment due at the end of the lesson, will allow us to share viewpoints regarding the benefits and issues related to the use of a single set of globally accepted accounting standards from the perspective of US investors, US issuers and US markets.


Related Discussions:- Accounting diversity and harmonization

the specific citation for accounting , Corporations frequently invest in s...

Corporations frequently invest in securities issued by other corporations. Some investments are acquired to secure a favorable business relationship with another company. On the ot

Explain the terms of payment, Explain the Terms of Payment Revolving ch...

Explain the Terms of Payment Revolving charge plans are set up so that you can pay a percentage plus a finance charge on a monthly basis. Credit terms - allow purchaser a

Evaluation of data - scope of accounting, Data evaluation is observed as th...

Data evaluation is observed as the most significant activity in accounting recently. Evaluation of data comprises controlling the activities of business along with the assist of bu

Cost, how much is it to get a tutor, per hour or package? i am in an mba pr...

how much is it to get a tutor, per hour or package? i am in an mba program now

Explain vertical analysis, Q. Explain Vertical analysis? Vertical analy...

Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.

Describe about adjunct account, Q. Describe about adjunct account? The ...

Q. Describe about adjunct account? The Transportation-In account files the inward freight costs of acquiring merchandise. Transportation-In is an adjunct account in that it is

Meaning of periodic review, Ordering inventory at a regular and set time in...

Ordering inventory at a regular and set time interval

Accounting concepts, What is the implication of applying accounting concept...

What is the implication of applying accounting concepts wrongly

Financial statement analysis, FINANCIAL STATEMENT ANALYSIS Following th...

FINANCIAL STATEMENT ANALYSIS Following the preparation of the Financial Statements, they are examined by the business for the reason of analyzing the presentation of the compan

What do you mean by overhead, Q. What do you mean by Overhead? Overhead...

Q. What do you mean by Overhead? Overhead -- a cost that doesn't vary with the level of production or sales and generally a costnot directly involved with sales or production.

Write Your Message!

Captcha
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