International Financial Reporting Standards

Introduction Financial accounting is branch of accountancy that deals with the financial statements which helps in informing public as well other concerned people who are not involved in day to day working of a company, about its current financial performance. Different stages involved in financial accounting are governed by certain standards set by organisations such as The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The standards made by IASB

Dr. Steven Hall Accounting 5312 29 June 2014 The Merger of the Financial Accounting Standards Board and the International Accounting Standards Board The proliferation and evolution of international trading and commerce have not only opened the gateway to international markets for many of the world’s emerging economies, but they have also fostered an unprecedented growth in the number of multinational corporations. Spurred by trade agreements such as the North American Free Trade Agreement (NAFTA)

(2015), IFRS adoption by country by PWC (2015), International Financial Reporting Standards and American Generally Accepted Accounting Principles: the Convergence Lessons by Kuzina (2015), The economic impact of IFRS - a financial analysis perspective by Seay (2014), and Accounting for Leases The New Standard by CPA Journal (2016). These articles are related to my topic, where these researchers researched and analyzed the financial statement reporting on convergence of the U.S. Generally Accepted

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

541 March 14, 2011 Delphine L. Agnor Wolsker The Relationship Between FASB and IASB Introduction The International Accounting Standards Board (IASB) was created after the Financial Accounting Standards Board (FASB) to establish a single set of accounting procedures and standards for both boards. The process has not always been an easy one, but the goal of merging the accounting standards globally overrides the disagreements. Overcoming impediments, such as language, culture, economic and political

GAAP vs. IFRS Standards GAAP generally accepted accounting principle The Financial Accounting Standard Board issues GAAP, which focus on the practices of US companies. GAAP is known as the common set of rules, standards and procedures for accounting used in financial reporting. “GAAP is the combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information” (Investopedia.com, 2003). Companies follow GAAP rules to clarify

European Union (EU) 1958 - EU was formed following by the Treaty of Rome Global trading has impacted the treaty to develop standards that support unrestricted market activities internationally. Uniformed accounting standards are required regionally to encourage the capital flow, enhance stakeholders’ protection, and increase the comparability and reliability of companies’ financial information (Donnelly, 2007). 1970 and 1980- EU establishes the foundation of Accounting Harmonisation through company

Accounting Standards Boards Paper In recent years there has been significant changes made in our understanding of the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). At present both the IASB and FASB are working on a joint venture referred to as the convergence project in hopes of eliminating a variety of differences between International Financial Reporting Standards and U.S. GAAP. Another area covered in this paper besides

Accounting in Ireland Aaron Paller Saint Leo University ACC430 Accounting structure in Ireland: An Introduction Accounting in Ireland has realized remarkable fame and achievement. In business, the professionals in the country are active as executives and managers, and members and leaders of company boards. Moreover, in professional practice, the accountants handle the audit or consultancy needs of corporations, charities, and government. The resourceful profession of accountancy in Ireland

1. Introduction It has been argued over years that Convergence of financial reporting is possibly one of the most important and controversial topics in accounting and corporate governance across countries, of which I could not wholly agree them. The Issue of the convergence of the National Accounting Standards with International Financial Reporting Standards (IFRS) among policy makers, standard setters, regulators, professional bodies, and companies worldwide has peaked up and widely been discussed