Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Transition towards IFRS
Over the last few years, there has been a tremendous change in the world's capital markets. There has thus been a shift away from the local financial reporting standards and the world is moving towards global accounting standards to ensure comparability between organizations across the globe. There has been a lot of debate regarding the shift of accounting standards from GAAP to IFRS. In 2007, the Security Exchange Commission issues a release which requested suggestions on whether the US companies should use IFRS or GAAP accounting standards. The US is still using the Generally Accepted Accounting Practices while maintaining financial records. There is a huge debate on how the change is to be bought in the US. There is an option of giving the companies an option to choose between GAAP and IFRS. The other way is to force companies to switch from GAAP to IFRS. The change to IFRS is expected to take another 5 years in the US. Paul Palmer Adrian Randall (2001)
The change from GAAP to IFRS involves a lot of challenges. This change would require a complete transformation by the company, as there are a lot of differences between GAAP and IFRS. In order to implement this change, it is important for the company to put down a proper action plan for the use of IFRS. A proper strategy must be developed by the company to ensure smooth conversion from GAAP to IFRS. It would be helpful for companies to hire financial advisors and staff that are proficient in IFRS and would thus be able to ensure smooth conversion for the companies. There would also be a need to upgrade the technology in order to transfer from GAAP to IFRS. All these activities would incur huge costs for the company, especially for the initial conversion. Craig Deegan Grant Samkin (2006)
Companies must prepare themselves for the change to IFRS as that is something that is unavoidable. Eventually a complete change to IFRS is expected. The conversion time from GAAP to IFRS is estimated to be approx 2 years. All companies in the US are expected to shift to US by 2014.
Expertsmind.com offer unique solution in Accounting
a millemeter ammeter of resistance 5m amp is to be used to measure a potential difference of 50volt.calculate the multiplier resistance
frequency distribution
foster company makes 20000 units per year that in uses in products it manufactures
Background: There was no 2004-05 National Hockey Leagues (NHL) season because of a labour dispute between the players and the teams. One of the outcomes of the labour dispute was
what is the difference between HISTORIGRAMS and HISTOGRAMS?
The Foschini Group has just issued a batch of preference shares that will pay a constant dividend of R8, beginning 6 years from now. If the required rate of return is 8%, what does
LIST OUT THE SOURCES OF PRIMARY AND SECONDARY DATA
Hugh Snore Bedding, Inc. has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12%. What is its profit margin (return on sales)?
Assume that you have a client that is a paper manufacturer and they have expressed concern that the government will pass a new regulation banning the use of chlorine-based technolo
The Home Improvement Company (HIC) operates five stores in a large regional area. The company wished to study the relationship between x, house value ($'000) and Y, yearly expendit
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: info@expertsmind.com
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd