International Financial Reporting Standards

Introduction & Purpose Complexity in financial reporting is apparent especially when applying it to relevant accounting theories. "Complexity is ' 'the state of being difficult to understand and apply ' ' (SEC 2008, cited in Petersen, 2012). When we apply complexity to accounting we think of it in terms of applying it to accounting transactions which flow onto financial statements and how these were developed from the Accounting Standards. (Peterson, 2012, p.73). The purpose of this report

Have International Financial Reporting Standards Increased Financial Reporting Quality? LUAN LOKE 9750355 MY-HANH SUSAN HONG 7535260 Total word count: 2040 Word count: 1542 Table of Contents Executive Summary Page 3 Introduction Page 4 Harmonising and Standardisation Page 5 Of Accounting Standard Adopting International Page 6 Accounting Standard Reasons why Accounting Page 7 Standards decline Conclusion Page 8 References Page 9

The IASB (The International Accounting Standards Board ) issued Exposure Draft ED/2015/3 Conceptual Framework for Financial Reporting on 28 May 2015, which proposes the changes for the Conceptual Framework . The conceptual framework define the objective and the purpose of the financial reporting. Exposure Draft proposed include the revisions of Conceptual Framework such as , the definitions of the financial statements, recognition and derecognition , measurement , presentation and disclosure

International Financial Reporting Standards BA 321 Christopher McGee February 26, 2017 Introduction In the world of business, there are many aspects that go into making a company run smoothly. One of the main departments of every company is the accounting department. Accounting is all about keeping up with the financial records. The accountant can’t just keep up with the records whatever they choose; there are standards that have to be followed. The standards such as how to document

if Runway used the services of an unrelated third party to acquire a new customer. Runway is requesting guidance to account for the customer referral credit in its books and records. Runway has also advised it will be adopting International Financial Reporting Standards (IFRSs) in the near future and is asking what IFRS guidance it should follow. Issues The following issues need to be addressed regarding the existing customer referral credit: • How should the $25 referral credit be reported on Runway’s

the differences in financial reporting between the International Financial Reporting Standards (IFRS) and U.S. Standards. Nagle, Wasieleski, and Rau (2012) in their research focused on the code of ethics and moral duties of the company top management. The researchers studied the financial scandals and the recent financial crisis to demonstrate the gap between the market processes and accounting standards. The IFRS and U.S. GAAP differ in a contrary nature of accounting standards. GAAP is considered

Executive Summary: The chief objective of this report is to describe the advantages and disadvantages of International Financial Reporting Standards (IFRS) conceptual framework in general. The report also directs attention towards Australia’s step towards harmonization of the accounting standards and as well as on international financial reporting system. However, the prime focus of the report is on the adoption, implementation and the impact of IFRS framework in a developing country, Bangladesh

Executive Summary The purpose of this report is to research the principle based International Financial Reporting Standards (IFRs and its United States counterpart, the Financial Accounting Standards Board (FASB). I will analyze how they would affect the financial reporting for a corporation that is publicly traded and operates internationally. In the report, I will analyze three topics that contain reporting differences between United States GAAP and IAS/IFRS. Following the analysis, three recommendations

businesses. International American corporations are now facing the challenge of converting from United States Generally Accepted Accounting Principles (US GAAP) to International Financial Reporting Standards (IFRS) in a near future. IFRS is an international accounting standards that were developed by the International Accounting Standards Board (IASB). These standards define how a company should report its financial statements based on accounting principle rather than “rules-based accounting standard” like

The role of financial reporting is to document the activities of a business in terms of its capital, its transactions and financial movements. This information is then provided to the users who can benefit from it, including owners, managers, and shareholders etc. This allows users to make decisions concerning the business. However, in the real world, it is difficult to establish what exactly should be documented and what information can actually affect a user’s decision. The conceptual framework