The Association Of Southeast Asian Nations

JD Epoxy has established a website that gives general information about products and services. The website will be developed with more detailed functions so it can offer customer services like consultation, Q&A, and reservations. Also, JD Epoxy plans to use the website for links to other social media like Facebook, Youtube and Blogger to connect with customers more closely, and there will be video materials introducing the JD Epoxy team that will deliver a friendly and trustworthy image to customers.

International financial reporting standards (IFRS) are the attempt of the International Accounting Standards Board (IASB) to globally harmonize accounting standards and financial reports (Doupnik & Perera, 2014). Such standards are principles developed by the IFRS foundation and the IASB whose goal are to implement international accounting standards (IAS) which promote transparency, accountability, and efficiency of financial reporting to ensure organizations draft financial reports that are comparable internationally (IFRS Foundation, 2015). In an effort to facilitate the adoption of IFRS, accounting professional bodies worldwide such as the Institute of Chartered Accountants of Scotland (ICAS) have implemented initiatives to guide and train their members in understanding the new standards adopted within their espective country.

The impact humans are having on mother Earth is increasing its effects with the rising of sea levels. Global warming is causing polar ice sheets to melt, which is a major cause of adding volume to our oceans. Furthermore, the troposphere thickens, due to greenhouse gases, increasing the amount of radioactive waves that causes the seawater to warm up, resulting in ocean expansion. Most climatologists are expecting a rise in oceans around the world to be between 1.5 and 5 ft by the end of this century.(Harkinson) Some members of our society feel that because climate change is not certain, they are not willing to make a difference to help. Many people are unaware of how rapidly we have impacted mother Earth. The melting of the polar ice

The globalization of markets over the past 50 years has led to the demand for increasingly comparable financial statements across countries. In response to this demand, the International Accounting Standards Board (IASB) was formed with the purpose of developing a set of high quality global accounting standards. Although a majority of developed markets have adopted the international standards, the United States has not. One reason for the delay in adoption is that many of the standards are very similar. However, there are also several key differences between the two. Presently, the United States Financial Accounting Standards Board (FASB) and the IASB have

Imagine you’re in a store and you’re in need of assistance but everyone is dressed casual. How would you know the difference from a person who works there, and a random shopper? Also, what would you think of a business if all their workers were dressed in jeans, sneaker, and random clothes they pulled out their closet. Although some people think otherwise and feel like a uniform won't let them express themselves. I believe a dress code is needed because it identifies the workers and gives the company a better look.

In 1973, the private sector International Accounting Standards Board (IASB) was formed. The IASB is a natural extension of a global market that has been evolving over the last three decades. The IASB formulates and publishes accounting standards to be observed when presenting financial statements and promote their global acceptance. As an overarching mission, the IASB works to improve and harmonize accounting standards, regulations, and procedures as it relates to financial statements. IASB standards provide a reference model and set of examples for financial reporting in developing countries. The IASB has no authority with the Financial Accounting Standards Board (FASB) or the Securities and

Due to the global integration of business and finance throughout the world, approximately 113 countries have adopted or are working on convergence with IFRS. This paper is a look at the history and an examination of where IFRS stands internationally and with the United States. For several decades the industrialized world has been working toward an international set of accounting standards. Since IFRS has become the de facto international accounting language, it is logical that it will be accepted as that standard in the near future.

A further purpose and also one of high importance, is to align the accounting standards to promote harmonisation of regulations. The aim is to reduce the alternative accounting treatments whilst preparing financial statements (IASB, 2010).

For nearly half a century, a movement has been underway to establish a high-quality, comprehensive set of international accounting standards, with the goal of facilitating international trade and investment. In the global capital market, differences in the rules of accounting for the purposes of recognition, measurement, and reporting of financial results have impaired the smooth transfer of information across borders. Given that it accounts for nearly a third of the global market, there is considerable pressure for the United States to conform to the International Financial Reporting Standards (IFRS), as promulgated by the International Accounting Standards Board (IASB). While moving to a single set of accounting standards could create

There are many different types of accounting standards and principles in the business world. It would be difficult for financial markets to operate and compare reports with these different various standards. Therefore, the International Accounting Stands Board have developed a new way of reporting financial information. The International Financial Reporting Standards (IFRS) foundation and the International Accounting Standards Board (IASB) were established in 2001 in order to develop a set of high quality and acceptable financial accounting standards. ("IFRS - Organisation history", 2016). The aim of this report is to firstly summarise the significant changes in the Australian Accounting Standards Board (AASB 15) and how they address perceived deficiencies in the current standards. Then, it will highlight the future implications of adopting the AASB 15 for Australian companies.

The objective of this paper is to deliberate the concerns regarding implementing International Financial Reporting Standards in United States. There is no scope that IFRS standards would be fully implemented in the United States. The main reasons are two regulatory bodies Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) are unable to integrate on the concept of convergence. Due to current economic conditions, FASB and IASB came together to reduce the differences between U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). Furthermore, Security and Exchange Commission has

Accounting standards are authoritative statements intended to narrow the areas of differences and varieties in accounting practice. It is important regulatory devices of accounting. It serves as a contract template among management, creditors and investors. As companies have become more globalized, comparing financial statements has become more difficult because of different accounting rules (maxwellsci). Over 100 countries have adopted International Financial Reporting Standards (IFRS) in that matter. The accounting system in U.S. has been based on Generally Accepted Accounting Principles (GAAP) since the 1930s. In theory, switching to IFRS would make it easier to compare U.S. business to others around the world, reducing companies’ cost of capital. However, not everything changes at once (Nick). The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) have set a long-term strategic priority to achieve convergence of IFRS and U.S. GAAP into a common set of high quality global accounting standards. The convergence is to avoid conflict and confusion, promote simplicity, consistency and transparency (IFRS.org).

The association of Southeast Asian nations (ASEAN) is a regional grouping comprising ten Southeast Asian states, which promotes intergovernmental cooperation and facilitates economic integration among its members (Fry, 2008). The organization was formed on 8th August 1967, preceding an organization that had been created in 1961 known as Association of Southeast Asia. It was formed when some foreign ministers signed the ASEAN declaration, which is normally recognized as the Bangkok declaration.

For many years, countries have created their own accounting standards which was either rules based, principle based, tax oriented, business based, etc which as a result, made them all different. There eventually came a need for harmonization since the world was undergoing globalization. As we approached the late 1990’s, we saw two predominant standards which was GAAP and IFRS. It is now clear that the world is moving to a more

Association of Southeast Asian Nation (ASEAN), a 10-member organization established in August 1967, moves toward a deeper integration through creating a unified community in political, economic, and socio-cultural aspects of the region. It is a region of great diversity but most countries have achieved rapid economic development for the most of the past 25 years. Its diplomacy and cooperation are characterized by caution, pragmatism, and consensus-based decision making – the “ASEAN Way” (Ponciano Intal, et al., 2014). Taking steps to achieve their goal and embracing its motto, “One Vision. One Identity. One Community.” the organization established the ASEAN Economic Cooperation (AEC) in 2015. This aims to promote an all-inclusive cooperation across the region, gearing towards making South East Asia a globally competitive single market and production base characterized by: free flow of goods, services, investments, skills, and capitals. Moreover, it intends to form a region of equitable economic development integrated into the global economy (The ASEAN Secretariat, 200)