International Financial Reporting Standards

Principles and the International Financial Reporting Standards are the two major accounting standards used by accountants today. The GAAP is currently used only by firms in the United States, while the IFRS is used by firms in 110 countries, including those in the European Union. The U.S Securities and Exchange Commission is in charge of GAAP for public companies, while the Financial Accounting and Standard Board overlooks private companies. The standards for IFRS are set by the International Accounting

CHAPTER ONE INTRODUCTION BACKGROUND OF THE STUDY The (IASB) International Accounting Standards Board published International Financial Reporting Standard 8 (IFRS 8) Operating Segments on 30 November 2006. The standard superseded IAS 14 Segment Reporting, which was applicable pursuant to Regulation 1606/2002/EC (IAS Regulation). According to Trucco (2015) IFRS 8 Operating Segments requires some particular classes of entities (essentially those with publicly traded securities) to disclose information

U. S. GAAP to IFRS only have an effect on Financial Reporting? Abstract: The purpose of this research is to analyze if the transition from Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) in the United States only has an effect on financial reporting. Throughout this paper, I will explain the advantages and disadvantages of adopting IFRS. Also, I will also identify the differences between both standards and how it affects other aspects of a company’s

In this research project, we will be comparing the similarities and differences between IFRS (International Financial Reporting Standards) and GAAP(Generally Accepted Accounting Principles), specifically in the cash flow statement, and we will be using Apple vs Samsung’s financial statement and stock price to compare the similarities and differences between IFRS and GAAP. 2. Motivation(Vicki) Today, with increasing globalization in the business world, many investors are looking for opportunities

As more business entities continue to get involved in cross-border capital investments, globalization intensifies and considerable costs are applied to the translation of financial statements prepared under different accounting standards into a comparable form. Multiple number of accounting systems exist which create these differences and accounting is the language of business created by society to present information which reveals the economic health of a company. Like any other language there are

I. Introduction The convergence of two accounting systems, the US GAAP and International Financial Reporting Standards, is not a new concept. For many years, the primordial idea of convergence started in the late 1950’s in response to post World War II economic integration and related increases in cross-border capital flows. Initially, the term used was “Harmonization until the early 1990’s the politically correct term is “Convergence”. It has been in deliberation to whether all countries

The issue of adoption of international financial reporting standards (IFRSS) in Australia has been controversial issue since the first time Australian Financial Reporting council (FRC) announced the policy in 2002. Many believe that IFRSS adoption will lead to great advantages such as enhance financial report comparability, improve quality of financial reporting, attract more foreign investor, and other significant advantages. However, some also believe that the adoption merely result in disadvantages

International Financial reporting standards (IFRS) and General accepting accounting principles (GAAP) convergence issue began in the late 2000’s. International Financial Reporting Standards (IFRS) are a set of standards stating how particular types of transactions and other events should be reported in financial statements. Therefore, business and accounts can be understood from company to company and country to country. General accepting accounting principles (GAAP) are set of common accounting

similarities between the financial statements that are required by the International Financial Reporting Standards (IFRS) and the United States Generally Accepted Accounting Principles (U.S. GAAP). Secondly, it will provide the needed information to transition the financial statements of Amazon.com Incorporated to the IFRS from its current reporting standards as outlined by the U.S. GAAP. Thirdly, it will provide an in depth analysis of the changes that will be made to the financial statements. Finally

IFRS Adoption Affects Taxes The mergence or adoption of the International Financial Reporting Standards (IFRS) in the United States will affect the taxes a company will pay due to the differences in IFRS and U. S. Generally Accepted Accounting Principles (GAAP). One major hurdle to this happening is to get the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to agree on exactly how this will happen. For most U.S. companies, a major concern is