Argumentative Essay On Ias 12

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.

As the responsibilities of the global harmonization of accounting standards IFRS and GAAP transfer to IASB, FASB’s influence is waning. Advantages of the convergence include high quality financial reporting, which lowers cost of capital for investors and the cost of borrowing for companies. However, there are disadvantages to be noted, such as the costs of introducing IFRS to current and potential accountants and the risk of reducing the uniformity of financial reports due to the lax rulings of IFRS, which promotes earnings management amongst companies. Although arguments regarding the convergence remain prevalent, the completion of IFRS and GAAP is inevitable. Come year 2015, accountants, investors, and companies alike will discover whether or not the pros outweighed the cons; or vice versa.

We will be helping with the Thursday Night meal at the Highland Center on the 5th Thursday of each month for the rest of the year. The next 5th Thursday is July 30th. Stephanie Slack will be heading up our group as Ronney Joe will be out of town.

Additional text goes here. Notwithstanding early signs that the global recession may be waning, the uncertain economic future continues to constrict corporate America. As companies continue to incur losses, focus has heightened on income tax valuation allowance assessments by companies and their auditors, as well as the Securities and Exchange Commission staff, through the issuance of comment letters. Specifically, much of this focus is

The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. To understand the significance of these two boards, it is necessary to understand their histories, relations between the boards, and the standards that they set. Also how the knowledge of these boards and the field they lead, gained through the masters of science in accountancy

As the business environment grows and companies find new ways to expand into their respective - or even new – markets, it is important that reporting standards stay up to date with changes and continue to assist companies in providing their users with useful accounting information. Information is labelled as being useful when it meets the

The Main Characteristics of the Various Forms of Organizations / Entities Available to Penelope, Mark, and John

Literature review. The economic integration and globalization processes increased the need for accounting standards to be more reliable (p21 McCarthy, M., & McCarthy, R. (2014).). The accurate determination of income and

This research project will analyze the recent changes in the disclosure requirements for income taxes. On July 26, 2016 the Financial Accounting Standards Board (FASB) published for comment a proposed Accounting Standards Update (ASU) on Income Taxes (Topic 740): Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes. The FASB had received 52 comment letters by the due date of September 30, 2016. The Board issued the amendments in the proposed Update on Topic 740 as part of the disclosure framework project. The new ASU would change, add, and cancel previous income tax accounting disclosure standards. The new amendments would include requirements for all entities (public and private) to disclose certain

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

This standard outlines the presentation of financial statements for general purpose financial statements, in order to ensure that there is compariablity between the entities reporting periods as well as between other industries reports. The standard discusses the minimum requirement for reporting content and guidelines for the structure in which it is to be set at. Paragraph 117-124 distiguishes the disclosure of accounting policies in relation to judgement. Management’s judgement made in applying accounting policies that may have effected significant amounts found in financial statements and the financial position. Seen in paragraph 125-133 ‘Sources Of Estimation Uncertainty’, it is vital that entities disclose the key assumptions made regarding future prospects and other uncertain estimates that are used in identifying carrying amounts of assets and liabilities. Along side this, the nature and carrying amount must be disclosed at the reporting date.

Handicap students need to go outside to travel to their classes outside like going to trailer 1 and 2. Woodlynde School really needs to do something about this to help keep the handicap students happy and safe. This is why I been thinking about what will happen if it rains or if the weather is dangerous outside, those handicap students would need to walk through all of that to get to their classes. These students will be mad and angry about going all the way around the school to get to their classes, even the students that are pushing the students in wheelchairs outside to the classes would even be mad about walking through the terrible weather. But they know they are just helping a friend out. Even if the students in wheelchairs who moves around by themselves aren’t safe going downhill to get to their classes, it isn’t really safe.

Single sets of accounting reports incentivise companies to lower reported profits as high profits attracts higher tax . This leads to conservative accounting values and understatement, lowering comparability and quality of annual reports. Thus, BHP Billiton, Suncor and Statoil’s annual reports provide better quality by separating accounting profit and taxable income

IASB. 2010, "The Conceptual Framework for Financial Reporting" IFRS, pp. A21- A38, viewed 23 April 2014,

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.