independence. Another strong point against IFRS is that the new accounting rules actually are “quite expensive”. Governments, companies and all kind of organizations will have to spend a lot of funds until the entire financial system is changed and that will definitely lead to large opportunity costs and losses. More money will be needed not just for staff adjustment and training, but also for developing new business strategies and corporate goals, as IFRS offers different possibilities for benefits
Starting from 2005, IAS/IFRS adoption has been mandatory in all the member states of the European Union with the ultimate goal of increasing transparency in financial reporting. This adoption of IAS/IFRS therefore represents an extraordinary event for empirical research because evidence shows that the mandatory adoption of IAS/IFRS in Europe results in better quality of financial reporting. In fact, empirical studies provide some support to the notion that adopting IAS/IFRS improves the quality of
MAJOR DIFFERENCES BETWEEN US GAAP AND IFRS Student’s name: University: Date of submission: PART I a) History of the convergence project between US GAAP and IFRS The US Generally Accepted Accounting Principles (GAAP) is a set of international accounting rules which originated from the United States
San Marino, and Vatican City); Central Europe (Germany, Switzerland, Liechtenstein, Austria, Poland, the Czech Republic, Slovakia, and Hungary); SE Europe (Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Albania, Macedonia, Romania, Bulgaria, Greece, and the European part of Turkey); and E Europe (Estonia, Latvia, Lithuania, Belarus, Ukraine, Moldova, the European portion of Russia, and by convention the Transcaucasian countries of Georgia, Armenia, and Azerbaijan). Europe is a unique
Financial Report 2011 Financial Report 2011 Financial Report 2011 - 1 2 Financial Report 2011 - 1 Consolidated Financial Statements Management’s discussion and analysis year ended December 31, 2011 Consolidated Financial Statements year ended December 31, 2011 Notes Statutory Auditors’ report on the Consolidated Financial Statements 4 19 25 108 Financial Report 2011 - 3 1 Consolidated Financial Statements Management’s discussion and analysis year ended December 31
Do more, feel better, live longer GlaxoSmithKline Annual Report 2010 Contents Business review P08–P57 Governance and remuneration P58–P101 Financial statements P102–P191 Shareholder information P192–P212 Business review 2010 Performance overview Research and development Pipeline summary Products, competition and intellectual property Regulation Manufacturing and supply World market GSK sales performance Segment reviews Responsible business Financial review 2010 Financial position and resources