International Accounting Standard 16

suggest that we need a uniform accounting standard in the world. After the work hard in more than half century, in 1973, international accounting standard committee has been found. Although this is a non-government organization, they set up accounting standard for all the country, which is convenient to international trade, comparison, and analysis. With the increase of recognition, there are more countries used it, but many organizations and people disagreed the standard. This essay will focus on the

Pakistan 3 Introduction: 3 Analyses under the light of accounting standard: 3 Accounting profession: 3 Accounting Bodies in Pakistan: 4 Accounting Bodies in Australia: 5 Analyses under the light of JB hi-fi Australia: 6 Analyses under the light of Habib Bank LTD Pakistan: 10 Reasons for International accounting differences: 12 Religion: 12 Strategies of JB Hi-fi and Habib Bank ltd: 13 Cultural: 13 Hofstede’s Cultural Dimensions: 14 Conclusion: 16 References: 17 Executive Summary • Admire

The IFRS are the standards, interpretations and the framework adopted and developed by the International Accounting Standards Board (IASB) (Freeman, 2014). These set of ac-counting standards would improve comparability of financial information as well as the flow and pricing of capital (Epstein at al 2009). IFRS is becoming the global standard for the prep-aration of company financial statements (Freeman, 2014). International compatible financial statements assist in lending decisions, loan monitoring

increasing conformity. Many countries have converted to and implemented the International Accounting Standards Board (IASB)’s accounting standards. The United States, however, still maintains its own Financial Accounting Standards Board (FASB). Both IASB and FASB have created International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S.GAAP) respectively. These accounting standards are rules of measurements for financial statements that companies issuing

EGYPTIAN ACCOUNTING STANDARDS (EASs) vs IFRSs History For Private Sector For Public Sector In 1985 • IASs were informally introduced to the Egyptian market by the representatives of the big 8 at that time. • Unified Accounting System (UAS) In 1992 • Issuance of law 95 for 1992 (Capital Market Law) imposing the use of IAS. • Unified Accounting System (UAS) In 1997 • The 20 standards drafted by ESAA were issued by Minister of Economy in compliance with IASs with 4 deviations

United States Accounting Standards vs International Accounting Standards June 21, 2009 Introduction This research project will inform the reader of the difference between the United States accounting standards and International accounting standards. The United States uses the Financial Accounting Standards Board (FASB) to issue financial reporting procedures. The International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB).

International Financial Reporting Standards (IFRS) are an international set of accounting standards. Early in the 21st century, the Australian Accounting Standards board, with guidance from the Financial Reporting Council (FRC), decided to implement IFRS’s throughout Australia. This decision was made so that Australia could participate and contribute to the development of a distinct set of accounting standards that could be used all around the world. This report will explore the process of setting

1. A brief history of the two organisations, and their objectives, in as far as they relate to accounting practices regionally and/or internationally, as necessary. 1.1 European Union (EU) 1958 - EU was formed following by the Treaty of Rome Global trading has impacted the treaty to develop standards that support unrestricted market activities internationally. Uniformed accounting standards are required regionally to encourage the capital flow, enhance stakeholders’ protection, and increase the

Introduction The accounting standard that deals with the issue of Provisions, Contingent Liabilities and Contingent Assts is IAS 37. According to Flower and Ebbers (2002), companies use provision for ‘big bath’ provision and smooth profits to boost profit growth, but a provision is an estimated liability. This essay will first investigate the problems associated before the introduction of IAS 37 and why provisions were necessary, followed by the discussion of the introduction of IAS 37 and its main

| | | | | * Question 10 2.5 out of 2.5 points | |   | Which of the following statements is true about accounting harmonizaiton?Answer | | | | | Selected Answer: |   All of the above are true about accounting harmonization | | | | | * Question 11 2.5 out of 2.5 points | |   | From a practical standpoint, what is the goal of accounting standards