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!
How will the adoption of IFRS change financial reporting by companies?
Manager 1: The new rules will definitely change the way our organization prepares financial statements. I think the new rules will also make financial reporting more costly and complex. There will be much more transparency in the financial reports after the implementation of IFRS. However, I think in the long run this would benefit the organization as this would result in fair practice.
Manager 2: A lot is going to change in the way financial statements are prepared including the look of the financial statements, the names of the financial statements etc. GAAP and IFRS have completely different approached towards accounting standards. There is thus going to be a lot of change in the way financial reporting will be done.
Analysis: IFRS and GAAP have a significant number of differences. The differences between the two would lead to significant changes in the financial reporting of companies. Some of the changes like IFRS does not allow the use of Last in First out (LIFO) method for inventory costing, would change the way inventory costing is done. While defining the rules for revenue recognition, IFRS is less detailed than the GAAP. IFRS does not allow cure of debt violations after the end of the year. Some of the financial instruments which fell under the category of equity in GAAP, now fall in the category of debt as per the IFRS. In expense recognition, the amount of expense as well the time period that can be recognized by organizations is differently defined in IFRS and GAAP. All these and a lot more differences will change the financial reporting of companies. (Christopher Nobes, 2004)
Expertsmind.com offers unique solutions in accounting.
# Câu h?i ..
Refund can be defined as return of a part of a purchase price by a seller to a buyer, usually on a purchase of a specified quantity or a value of goods within a specified period.
The unfortunately-named (and fictitious) town of Avalanche, Utah maintains a vibrant and growing ski industry. As Director of Avalanche's search-and-rescue operations, you are alw
Define Allocate To split a lump-sum appropriation into parts that are specific for expenses by particular government models and/or for particular requirements, actions, or things.
An assessment time frame for certain purchases and debt equipment that reviews on the stability piece only that part of their face value that shows major and interest acquired curr
what are different method of classifying overhead? indicate the advantag
The next step is to determine the sources of data to be used. The researcher has to decide whether he has to collect primary data ror depend exclusively on secondary data. Sometime
what are the condition to use probable error
Gesto, Inc., has an issue of preferred stock outstanding that pays a $4.50 dividend every year, in perpetuity. If this issue currently sells for $79.85 per share, what is the requi
what i6 the relevance of cost classification?
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: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd