Accounting diversity and harmonization, Accounting Basics

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.

Posted Date: 2/18/2013 5:44:37 AM | Location : United States







Related Discussions:- Accounting diversity and harmonization, Assignment Help, Ask Question on Accounting diversity and harmonization, Get Answer, Expert's Help, Accounting diversity and harmonization Discussions

Write discussion on Accounting diversity and harmonization
Your posts are moderated
Related Questions
Explain about the RECORDING PURCHASES Source document for recording a purchase of merchandise is purchase invoice. o An instance of a transaction of purchasing merchandise

Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe

Q. Cash collection as point of revenue recognition? Several small companies record revenues and expenses at the time of cash collection and payment which may not take place at

Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation

Q. Explain horizontal analyses and using the financial results? The computation of dollar and or percentage changes from one year to the next in an item on financial statements

Credit -- an accounting entry on the bottom or right of a balance sheet. Generally an increase inliabilities or capital or a reduction in assets. Opposite of credit is debit. Every


state why carriage inwards is stated on the trading account

Please explain I'm so lost Chandler Ltd. estimates sales for the second quarter of 2014 will be as follows. Month Units April 2,550 May 2,475 June 2,390 The t

Q. What do you understand by Goodwill? Goodwill -- in accounting, difference between what a company pay when it buys theassets of another company and book value of those assets