Implementation Of The International Financial Reporting Standards

The IOSCO plan does not cover accounting standards.(66) These standards are important for providing financial statements in a scheme that are prepared in the similar manner as those by issuers from other countries. The development of international accounting standards is the subject of a distinct project by IOSCO, and many accounting professionals who are concomitant with that undertaking are hopeful that a satisfactory solution is within reach.(67) Supposing, however, that an agreement is possible on a core set of financial standards and that they too are embraced by securities regulators as compulsory for foreign issuers, the road to commonality has at least two other impediments.

‘There has been a worldwide demand from regulators, investors, businesses, and auditing firms for a single set of high-quality, globally-accepted accounting standards. The American Institute of CPA’s (AICPA) believes U.S. adoption of a single set of high-quality, globally accepted accounting standards will benefit U.S. financial markets and public companies by enabling preparation of transparent and comparable financial reports throughout the world” (aicpa.org).

| Legal impacts on oil and natural energy extraction and production are determined at a local level and thus the main issues which arise typically relate to cross-border transactions and the legal issues of transportation (SMI, 2010). International legal issues in the industry are constrained to safety considerations such as decommissioning given the highly hazardous nature of the raw materials and production process. This in part explains the high infrastructure investment costs as Petrobras must ensure the safety of any new exploration and extraction venture.

The Companies Act has been incorporated with sections of the King Code to form what is known as integrated reporting. It stipulates that in order for a business to be successful, it must understand the economic, social and environmental context it operates in. Nowadays, company success is not solely based the amount of profit earned, but it includes how the business contributes in society, a term known as corporate citizenship. This study will evaluate the corporate citizenship of both franchises to compare their fairness, transparency, responsibility and accountability when dealing with society as a whole.

it provides a better indication of ability to generate cash flows than the cash basis.

Triple bottom line reporting refers to reporting on a company’s economic, social, and environmental performance. It is a form of social responsibility reporting designed to demonstrate good corporate citizenship. So-called “sustainability” reports are an increasingly popular means of triple bottom line reporting. There is substantial variation in social reporting today. More regulation would improve comparability, but it might also stifle reporting innovations. The usefulness of social reporting to outside parties, particularly investors, needs to be demonstrated before implementing more regulation for it.

So it is found by the reources that Crude oil is benifis add to the total cost and makes a huge amount of benefit to the company in Indonesia s compared to Germany.(Anon,

10.5.6.1 Perceptions of whether the NCDMB engages all the key stakeholders in major decisions concerning the implementation of the provisions of the Nigerian Content Development Act

In the oil and gas sector, 12 goods and services that dominated by foreign companies will be liberalized in TPPA such as seismic data acquisition, cementing related services, gas turbines and related maintenance and repair services, control valves services and others. Domestic preferential is expected to cap to 40% of budget expenditure in downstream and non-oil and gas activities. Oil and gas tariffs are already low for TPPA countries and so the export decision in this sector will not be

An example of how the oil production is the cause of Nigeria’s state is doing the opposite of helping the country is seen through the A-source in the Review of African Political Economy. In this book, there is a section where it specifically gives information about the Ogoni and how the oil production affected them. Even though Ogoniland has made billions of dollars in oil

Kuwait is the 38th largest export economy in the world. It is estimated that the country reserves eight to ten percent of the worlds oil reserves. Kuwait is the world’s eight biggest exporter and the tenth largest producer of petroleum. The oil revenues constitute the main source of income of the state’s revenues. As reported by Trading Economics, 95 percent of their total export is due to the shipments of crude and refined oil. By the second quarter of 2015 their exports increased from 4063.70 KWD million (13380.7 USD million) in the first quarter to 4842.40 KWD million (16082.5 USD million). In addition, Peak Oil Barrel, made it simple to understand how much this country produces, in thousand, barrels per day. Examining the graph, its evidence the amount of oil produce each day is what brings this small country billions of dollars each year. They also export other minor items such as various types of metals.

Nigeria is the largest oil producer in Africa, and currently its most populous country. After the oil discovery in the Niger Delta area of Oloibiri in 1956, the country has had oil has its main income producer. Before this, agriculture had the center stage; it accounted for 50% of revenue. Most of the oil exploration is done in the Niger Delta;a region that’s made up of nine states which includes; River, Cross River, AkwaIbom, Delta, Edo, Bayelsa, Imo, Abia, and Ondo. This region has an estimated population of 28 million, amounting to16.7% of Nigeria population (Emmanuel, 2004). It has however suffered the environmental impact of oil exploration with its attendant environmental degradation for years. Unfortunately, the influx of oil companies and the heightening of their operations in Niger Delta are not matched with an agenda for the development of Nigeria in general and Niger Delta in particular. The oil companies claim to have executed several projects in the host communities as part of their Corporate Social Responsibility. The claims include: construction of hospitals, roads and schools, provision of portable water, electricity, sponsorship, scholarships, and; supporting health campaign programmes among others. However, the host communities in Niger Delta seem not to have acknowledged these acclaimed community development projects by oil companies as they continue in their hostile disposition to the companies. According to Omole (2000), the relationship of

The largest petroleum-producing nation in Africa is Nigeria. The petroleum company is the main contributing factor of the GDP in the West African nation, which is also the continents, most noticeable and populous reserves. Since Nigeria was under British control it has suffered socio-economic and political adversities for decades. Corrupt domestic militias and complicity of multinational corporations have rid the nation of its natural resources. The same corporations that are ridding the land and exploring the resources have hypocritically identified Nigeria as a major concern with regard to human rights and environmental degradation. The petroleum business in Nigeria dynamically impacts its economy so much that “oil and gas exports

As more business entities continue to get involved in cross-border capital investments, globalization intensifies and considerable costs are applied to the translation of financial statements prepared under different accounting standards into a comparable form. Multiple number of accounting systems exist which create these differences and accounting is the language of business created by society to present information which reveals the economic health of a company. Like any other language there are many different accounting languages used across various regions of the globe to present this information.

The development of global financial reporting is significant because of the recent false, fraudulent and insufficient financial statement information presented by various companies locally and abroad. In the past years, business and accounting practices have failed to inhibit assurance and trust to their investors Thus, governments have questioned if the implementation of increased regulation would be the answer in helping to eliminate fraudulent behavior. Unfortunately, companies such as Enron and WorldCom are getting get caught for fraudulent behavior. Thus, increasing new regulations will not help eliminate fraudulent and criminal activities because it will just would result in more conflicts. The best possible way to help eliminate white collar crimes in the United States is to persuade companies to change their financial accounting practices. This is because increasing more regulations such as The Securities Acts of 1933 and 1934, the Foreign Corrupt Practices Act of 1977, and the Sarbanes Oxley Act has helped detect fraudulent activities and punishing criminals with in a company. However, it will never eliminate Fraud and scandalous activity with in a company. It will only bring more mistakes and disorder with in the business community. The best possible solution in detecting fraudulent activities is to have company use to simpler accounting standards. The IFRS accounting standard is the best solution. The SEC needs to consider using IFRS alongside with the GAAP as