International Accounting Standards And Public Companies

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‘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). HISTORY The original international accounting standards were developed in 1966. This was also around the time that the International study group was proposed. In 1967 this group published papers and information that helped to eventually create some accounting standards. In…show more content…
All of the other countries, Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, turkey, and United Kingdom use have been required to use IFRS or standards that may differ from IFRA to a degree. REFERENCE CHART FOR IAS/IFRS # Description IAS / IFRS 1 Presentation of Financial Statements & Disclosure of Accounting Policies IAS 1 2 Valuation of Inventories IAS 2 3 Statement of Cash Flows IAS 7 4 Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies IAS 8 5 Contingencies and Events Occurring after the Balance Sheet Date IAS 10 6 Construction Contracts IAS 11 7 Accounting for Taxes on Income. IAS 12 8 Property, Plant and Equipment IAS 16 9 Leases IAS 17 10 Revenue Recognition IAS 18 11 Employee Benefits IAS 19 12 Accounting for Government Grants and Disclosure IAS 20 13 The Effects of Changes in Foreign Exchange Rates IAS 21 14 Borrowing Costs IAS 23 15 Related Party Disclosures IAS 24 16 Accounting and Reporting by Retirement Benefit Plans IAS 26 17 Consolidated and Separate Financial Statements IAS 27 18 Accounting for Investments in Associates in Consolidated Financial Statements IAS 28 19 Financial Reporting in Hyperinflationary Economies IAS 29 20 Financial
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