IFRS In Bulgaria

In 2014, a study from PricewaterhouseCoopers pointed that American investors are looking over-seas’ capital market for investment opportunities, and foreign investors are also looking for investing opportunities in America. According to the research from PricewaterhouseCoopers in 2014, an estimates shows that there are around seven trillion US dollars are invested in foreign stock markets, and American markets are open to non-US firms too. Many of the foreign companies use IFRS rule without any reconciliation to GAAP.

Despite those enormous advantages, it has been argued that IFRSS adoption lead to significant costs. The main argument is that IFRSs do not consider local needs and priorities as every country has their own ‘business environment, legal systems, cultures, language and political environment’ (Henderson and Peirson, 2000 cited from Malthus, S., 2004). However, to overcome this problem, IASB can accommodate flexible reporting standards that enable companies to choose alternatives that are more suitable for their external condition. It is opinion of some opponents of IFRS adoption that IAS is ‘insufficiently detailed’ (Uddin,M.S., 2005, p.4) that require accountants’ and auditor’ professional judgment. However, overly detail might be contra productive and not flexible in anticipating every changes and differences.

In September 2002 the IASB and the FASB agreed to work together, in consultation with other national and regional bodies, to remove the differences between international standards and US GAAP. (Dorata, 2008) However, the convergence of IFRS and FASB is coming to the end. (Golden, 2013)

Access to capital markets in United Kingdom is easy after the adoption of IFRs. Public capital markets play an important role in financing the activities of non-financial companies in the United Kingdom, providing them with the main option to bank loans and private sources of finance. These set of international accounting standards helped reduce the information processing and auditing costs to the UK’s market participants. With the help of adoption of IFRS it is expected to lower information costs to capital markets, and the UK

The U.S is moving toward IFRS (Forgeas, 2008). In the near future, all US company may need to report financial statements under IFRS. This makes the adaptation of IFRS unavoidable. Recently, some large multinational

States. Companies should report income, liability, equity, and assets. Many people (stockholders, investors, etc.) who have a stake in the company want to know this information before providing a service. In this paper, International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) will be compared for

With the growth of international business there is a need to standardize financial statements globally. Presently there are “approximately 120 foreign private issuers currently that report to the Commission using IFRS financial statements.” By standardizing accounting practices investors will be able to make informed decisions based on comparability and accuracy of financial statements. The SEC released this statement in 2008, “We believe that IFRS has the potential to best provide the common platform on which companies can report and investors can compare financial information.” The SEC has created a “Roadmap” or plan to convert US GAAP over to IFRS. According to The Committee of

Our aim in this paper is to analyse and justify the facts that support and object the main issue of whether the mandatory adoption of International Financial Reporting Standards have in fact increased Financial Reporting Quality.

There are several differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). The IFRS is considered more of a "principles based" accounting standard in contrast to U.S. GAAP which is considered more "rules based." By being more "principles based", IFRS, arguably, represents and captures the economics of a transaction better than U.S. GAAP. As a team me collaborated to answer the following seven questions.

International Financial Reporting Standards (IFRS), represent the norms that were introduced by IASB. Being an independent organization that was not operational to earn profits, IASB, also known as, International Accounting Standards Board, incepted IFRS to facilitate public companies around the globe. IFRS presented a framework that served as a guide for these corporations directing them on preparation and disclosure of the financial statements. The International Financial Reporting Standards offered general guidance to the seekers concerning the financial statements. The standards never strived to set industry specific reporting principles or regulations.

This paper examined the relationship between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) and found that merging both accounting standards into one “worldwide” standard would be ideal for all investors. This paper analyzed GAAP and IFRS differences and similarities. A comparison and contrast of GAAP and IFRS was conducted. Discuss roadblocks to achieve “worldwide” accounting standards. GAAP and IFRS have to

Indubitably, the Financial Accounting Standards Board (FASB) and the International Financial Reporting Standards (IFRS) create and are sets of, respectively, governing bodies in today’s business world. FASB and IFRS both are constantly updating to meet and accommodate the ever changing world presently. Changes are not easy, but necessary to keep up with reform and accommodate a setting of efficiency and meet the demand of prosperity. Such reforms are prudent in order to better harmonize the accounting world and create less conflicts in reporting issues. FASB main focus is to help create generally accepted accounting

This report has been compiled for the Chief Accountant of the Australian Securities and Investment Commission (ASIC). Its aim is to provide an analysis of how international financial reporting standards (IFRS) have improved reporting quality. This report found that there has been a recent move to using these standards as a blanket standard in most Western countries as the need for consistency in financial reporting is obvious in a more globalised world.

With complete notion and awareness of how each country has their set of rules, “the goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements” (Rouse, 2011). This view is meant to provide general guidelines, as well as international comparisons through conventional and edifying means. To bring broader and vivid objectives, IFRS replaced IAS, the older standards, in order to bring a more comprehensive and simplified accounting procedures.

Investor-oriented reporting became the central theme as the International Financial Reporting Standards (IFRS) took effect on January 1st, 2005. The aim of the new standards was to improve the financial statements‟ quality, comparability, and transparency, which meant major changes to the reporting of European companies (Daske et al., 2008). It was expected that along with IFRS and the rapidly changing business environment, the reporting would adapt from the traditionally backward-looking and numerical information towards a more forward-looking and non-financial disclosure.