Fiat Group’s first-time adoption of IFRS
Course: Corporate valuation Authors: Hanlin Wang David Řeha Jin Zhang Joy Nguyen
On Wednesday, February 24, 2010 the SEC reiterated its support for International Financial Reporting Standards (IFRS), this was conditional upon the accomplishment of a number of milestones. The SEC staff had developed a comprehensive work plan that would help to keep the process moving forward.
Including Fiat,more and more huge cooperations are adopting IFRS accounting policies since 2000,not only because it makes more transparency in statements,but it tenses or looses the strict that enhance the efficiency and accuracy of accounting. 1. What are Fiat’s key accounting policies? Which of Fiat’s…show more content…
3.More transparent
Example:
Income tax paid:
CFO takes all the income tax paid obligation under GAAP,while CFO only states operating tax paid obligation,CFF and CFI states capitalizing one and investment one respectively.
4.Retrospective application of the new standards to opening equity as of January 1, 2004 to properly establish IFRS based data
What characterizes the differences between the two sets of methods
On Wednesday, February 24, 2010 the SEC reiterated its support for International Financial Reporting Standards (IFRS), this is conditional upon the accomplishment of a number of milestones. The SEC staff has developed a comprehensive work plan that will help to keep the process moving forward. The staff will regularly report progress to commissioners and a decision will be made in 2011 as to whether or not IFRS will be incorporated into the U.S. financial reporting system.
There are many differences between Italian GAAP and IFRS.
1.Fair value in barter transaction
GAAP admits the fair value in barter transaction which is similar to history transactions,IFRS also requires new trade to be similar to history ones but recognizes the fair value as the value in non-barter transactions.
2.Monitor interest
It can be viewed as liabilities or equity or mezzanine section Under GAAP,but under IFRS it is illegal unless it is equity.
3.Comprehensive Income
It is included in net
Course: Corporate valuation Authors: Hanlin Wang David Řeha Jin Zhang Joy Nguyen
On Wednesday, February 24, 2010 the SEC reiterated its support for International Financial Reporting Standards (IFRS), this was conditional upon the accomplishment of a number of milestones. The SEC staff had developed a comprehensive work plan that would help to keep the process moving forward.
Including Fiat,more and more huge cooperations are adopting IFRS accounting policies since 2000,not only because it makes more transparency in statements,but it tenses or looses the strict that enhance the efficiency and accuracy of accounting. 1. What are Fiat’s key accounting policies? Which of Fiat’s…show more content…
3.More transparent
Example:
Income tax paid:
CFO takes all the income tax paid obligation under GAAP,while CFO only states operating tax paid obligation,CFF and CFI states capitalizing one and investment one respectively.
4.Retrospective application of the new standards to opening equity as of January 1, 2004 to properly establish IFRS based data
What characterizes the differences between the two sets of methods
On Wednesday, February 24, 2010 the SEC reiterated its support for International Financial Reporting Standards (IFRS), this is conditional upon the accomplishment of a number of milestones. The SEC staff has developed a comprehensive work plan that will help to keep the process moving forward. The staff will regularly report progress to commissioners and a decision will be made in 2011 as to whether or not IFRS will be incorporated into the U.S. financial reporting system.
There are many differences between Italian GAAP and IFRS.
1.Fair value in barter transaction
GAAP admits the fair value in barter transaction which is similar to history transactions,IFRS also requires new trade to be similar to history ones but recognizes the fair value as the value in non-barter transactions.
2.Monitor interest
It can be viewed as liabilities or equity or mezzanine section Under GAAP,but under IFRS it is illegal unless it is equity.
3.Comprehensive Income
It is included in net
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