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
Market determines are useful for analyzing publicly traded corporations. Many of these calculates use stock price, which reflects the market's (public's) expectation for the compan

Cooperton Mining just announced it will cut its dividend from $4 to $2.50 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expecte

Q. Summary of significant accounting policies? As part of their annual reports companies comprise summaries of significant accounting policies. These policies help users in int

Balance Sheet A balance sheet is a statement for presenting an organization financial position at a particular date, mostly at the end of an accounting period; also calle


Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.

What are the components or materials used by Accounts receivable departments? Ans) Accounts Receivable department is very vital department of the company. The responsibilities o

Q. General accepted accounting principles? In general accepted accounting principles (GAAP) set forth standards or methods for presenting financial accounting information. A

Recording and reporting stock transactions and cash dividends across two accounting cycles Davis Corporation was authorized to issue 100,000 shares of $10 par common stock and 5

PRICE FOR A 3-6 PAGE PAPER IN APA FORMAT