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.
What is Degrees of Freedom : While comparing the calculated value of X2 with the table value we have to determine the degrees of freedom. By degrees of freedom we mean the number
Introduction Background information so the reader can better grasp the analyses you are going to present. This can include anything that puts the analyses into perspective for
free hand curve to measure secular trend
Set 1: 1 2 3 4 5 Set 2: 1 13 25 31 42 Set 3: 10 16 24 25 40 Set 4: 5 10 15 20 25 1. Is one of these sets of numbers more likely to win the Gopher 5 than any of the others? Exp
1. What is Single Entry System? Ans. In Accounting, The program under which only one part of entrance or bookkeeping go is registered is known as single Entry System, they ar
who invented it?
A study was conducted at a major north-eastern American medical centre regarding blood cholesterol levels and heart-attack incidents. A total of 28 heart-attack patients had their
A retail store has recently hired you as a consultant to advise on economic conditions. One important indicator that the retail store is concerned about is the unemployment rate.
From the following cost, production and sales data of Decors Motor Ltd., prepare comparative income statement for three years under (i) absorption costing method, and (ii) marginal
measurement of trend
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: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd