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.
Lifts usually have signs indicating their maximum capacity. Consider a sign in a lift that reads “maximum capacity 1400kg or 20 persons”. Suppose that the weights of lift-users are
#difference between historigrams and histograms
Need Help
What are the roles of accountant, let me know the career opportunity in accounting subject?
Put the appropriate summary statistics, e.g. mean, median, frequencies, percentages, for the different variables into a table to make them concise. You can see examples of consise
normal distribution and the sampling distributions of sample proportions and sample means, but without confidence interval
What is a purchase allowance? A buy permitting is a reduction in the customer's cost of products that it had purchased. The buy permitting is granted by the provider because of
Job Order Gosting ln an attempt to conceal a thefi of funds, Kaito Kid, controller of Shinichi Products, lnc. placed a bomb in the company s record vault. The ensuing explosion lef
Explain the Attribute Accounting Planning the accounting on foundation Producing, Explanation and outlining for customers is an art and if we consider as per technology, the sig
An experimental surgical procedure is being studied as an alternative to the old method. Both methods are considered safe, but the new method has the potential to reduce operating
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