Ifrs a Review of the Literature - 1887 Words

Running head: IFRS IFRS: A Review of the Literature Intermediate Accounting III (10089) Abstract 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. IFRS: A Review of the Literature Over the past 35 years financial regulators worldwide have†¦show more content†¦Adoption (whether of process or of content) means that IFRS are used instead of domestic financial reporting rules. This might apply in certain countries for all companies or for some companies. It might apply compulsorily by law or de facto. In contrast to adoption, convergence with IFRS is a process, whereby domestic standards and IFRS are gradually brought into line. That is, part of the convergence could be achieved by change to IFRS. Indeed, various different countries might be able to contribute good answers to technical problems. However, extensive multilateral convergence is problematic, because converging with one country could mean diverging from another. (pp. 281-82) The following countries are at some stage of convergence or adoption: Asia China has not required or permitted IFRS; however, they have somewhat converged with IFRS. Although several differences remain between Chinese Accounting Standards and IFRS, there are plans in the future to eliminate the differences. Japan also does not permit or require IFRS, but new rules are expected to be issued that will allow IFRS for the year ending March 31, 2010. In Korea, IFRS is permitted with the exception of financial intuitions and adoption of IFRS is required for all companies listed on their local stock exchanges. India does not require orShow MoreRelatedThe Impact Of Gaap And Ifrs On Accounting Programs923 Words   |  4 PagesTopic: The effects of GAAP and IFRS Convergence on accounting programs The first article reviewed was A progress report: IFRS-U.S. GAAP Convergence and it Curriculum Impact. The key aspect of this abstract is the impact in higher education. The difficulties in training for teaching IFRS and the benefits gained. The introduction describes how more countries have adapted the IFRS guidelines and it estimates that the United States may do so in the next decade. Because IFRS is becoming widely acceptedRead MoreLiterature Review - Concept Map716 Words   |  3 PagesIntroduction This paper will discuss the literature review section of Adena LeJeune’s 2010 dissertation titled â€Å"Examination of Louisiana Certified Public Accountants Perceived Educational Needs Related to International Financial Reporting Standards† (IFRS). Beginning with the author’s strategy, the learner identifies the theoretical framework and research methodology followed by an explanation of the work’s organizational layout. The next sections explore the levels of analysis used and theRead MoreRelated Studies Of Revenue Recognition And Ratio Analysis Essay866 Words   |  4 PagesChapter 2: Literature Review The Literature review of this study will emphasis on the related studies of revenue recognition and ratio analysis. Case1: The Leading Change of Financial Changed Of Revenue Recognition by Business Enterprises under FASB vs. IASB By Prof. Edel Lemus Carlos Albizu University, United States Financial Change in Revenue Recognition In 2010 the Financial Accounting Standard (FASB) and the International Accounting Standard Board (IASB) began a joint project effort towardsRead MoreThe Code Of Ethics And Systematic Ethics985 Words   |  4 PagesInternational Financial Reporting Standards (IFRS) and U.S. Standards (p.477). More in depth the research focuses on the code of ethics and moral duties of company top management. Introduction. The authors study the financial scandals and the recent financial crisis to demonstrate the gap between market processes and accounting standards. The IFRS and U.S. GAAP differ in contrary nature of accounting standards. GAAP is considered as rule-based standards, while IFRS viewed as a principle-based. ThereforeRead MoreThe Requirements Of Ifrs 8 Operating Segments1132 Words   |  5 PagesSegmental Information Introduction In general, IFRS 8 Operating Segments place a requirement on specific classes of entities (particularly those entities that have publicly traded securities) to disclose information concerning their respective operating segments, products and services, the geographical areas in which they compete as well as their major customers (IFRS 8 Operating Segments, 2014). The information that is provided by corporations pursuant to these requirements is based on internalRead MoreGaap Vs. Ifrs Standards1366 Words   |  6 PagesGAAP 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. â€Å"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 clarifyRead MoreSegment Reporting And Information Disclosure1380 Words   |  6 Pagessegment reporting is worthwhile and whether the requirements of the new segment-reporting standard (IFRS 8) have had an impact on the way companies disclose segment information. Significance of Segment Reporting Segment reporting is integral to the process of investment analysis and there is a common agreement among financial analysts that such information is essential to their work. Previous literature has found that segment information disclosure can increase security valuation and can make futureRead MoreFinancial Accounting : An Intangible Asset1169 Words   |  5 Pageswill focus on the accounting treatment of internally generated intangible assets prior to and after the adoption of IFRS. IFRS are a set of International accounting standards issued by the International accounting standard board stating how particular set of transactions should be shown in the financial statements The accounting treatment for intangible assets prior to adoption of IFRS were that any intangible asset meeting the three main characteristics of an intangible asset can be recognised asRead MoreInternational Financial Reporting Standards ( Ifrs ) Conceptual Framework968 Words   |  4 PagesInternational 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. The very report advocates that the adoption and implementation of IFRS framework has both positive and negativeRead MoreAgriultural inventory Essay examples761 Words   |  4 Pagesdifferences between inventory accounting between IFRS and US GAAP. Facts: Tarheel Farm, Inc. (TFI) is a corporation involved in agricultural production and has a June 30 financial year-end. It is not publicly traded, but is required to prepare annual financial statements for its bank. Historically, the bank has required that these statements comply with US GAAP rules. Recently, TFI was purchased by OSI China, a Chinese corporation that uses IFRS to prepare its financial statements. TFI typically

Why Immigration Is a Controversial Issue in Uk Free Essays

â€Å"It was once believed that when you were born, you were a blank state and could be taught to learn different things in a variety of way† (Gardner, H. Personal Learning Solution 2012) In this essay I will be talking about the importance of study skills for higher education. I will be identifying the different skills that are used both personal and professional and also providing some evidence towards my findings. We will write a custom essay sample on Why Immigration Is a Controversial Issue in Uk or any similar topic only for you Order Now The main skills I will be touching on will be people skills, reflective and creative skills, writing skills and also time management. I will be exploring how these skills have an importance in the higher education and viewing their similarity and differences between them. Study skills are the strategies and the different approaches used in learning to develop better understanding and knowledge for a life time. It is an essential piece of material that is needed for better grades in an exam, assignment etc and tackles problems such as bad organization, time management or writing skills which are useful for a life time. There are many different study skills that can be used in higher education in order to gain a successful qualification for a successful job application. It is important indentify your own personal learning style and develop on all the important study skills that helps with your learning. The reason for this is because it helps you remember and learn more and new information. It also allows you to do well in your essays/assignments and exams you are undertaking. Once your learning style has been identified and used, it will provide you with the opportunity to move up a level. There are different styles such as: The Diver: like to get on with it and get it out of the way The Dreamer: like to think a lot and research thoroughly The Logician: like things to make sense and reasons The Searchlight: like to see the bigger picture and find everything interesting (Cottrell, S. 2008. Third Edition. Pg59-60) The Dearing Report (1997) states that â€Å"the key to future success of graduates†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ ommunication skills, numeracy, use of ICT, learning how to learn† (heacademy. ac. uk) This report gives a clear understanding of the main skills need for a successful future. On the other hands in the theory of Gardner’s, H (1983), he believes that everyone should be able to find 8 different areas to help with their learning, which may identify what they prefer (Gardner, H. Personal Learning Solution 2012). The first skill I will t alk about is People Skills. This skill has a combination of inter-personal skill, which means the ability to work well with others in a team/group, and also intra-personal skills, which means the ability to manage your own attitudes and emotions within the environment (Cottrell, S. 2003. Pg 115). A people skill involves being able to communicate well with others and adapting to others within the team and interacting well amongst others. This skill can be turned into academic skills by making connections with groups in class, listening well to others allowing everyone to talk, being assertive without demonstrating any form of anger etc. This is one important skill that is needed for higher education which can be developed further for a successful job in the future. My second skill I will talk about is reflective and creative skills. This is a thinking process that can put you in deep thoughts aiming to gain a better understanding. It allows you to make sense of what your putting together, go over what you have, make any judgements and changes needed and also weighing up what you have to get better balance which includes taking different things into account. In the book of The Science Good Study Guide, it states that â€Å"it is important that you take a systematic, analytical, strategic, and reflective approach to managing yourself and your studies† (Northedge, A et al, 1997, pg 16). Creativity plays a big role in study skill because; you need to identify what strategies are suitable for you in learning. With this you can be as creative as you can to help you in the process. The third skill is writing skills. This skill can also be combined with organisation as you will need to learn how to organise your essays and assignments e. . introduction, main body and conclusion/evaluation. Writing is another form of communication. In higher education, when writing an essay/assignment, you are communicating what you know and understand of what you have learnt in class. This is why writing skills is very important so you know what you’re writing is clear for the reader. However as Cottrell (2008) stated that writing a good assignmen t is a hard and challenging process but is a very rewarding aspect of your studying. Your writing skill is something that can always be developed as you grow (The Study Skills Handbook. 2008. Pg167) The last skill I will talk about is time management. This is one of the most essential skill needed, not only for higher education but also for every other thing in life e. g. job, appointments, lectures, meetings etc. you need to know how long it requires for you to do something. Time is special because you cannot change time. I believe everyone has the same exact time on their hands; it depends on how it’s being used by the individual. Most students like myself will complain and say there is not enough time for their work, however what I have come to learn is that if time is managed widely it helps a lot with what you need to do or what you desire to do. In higher education, when time is managed well, it helps set your priorities straight, become more conscious with your decisions and also learn how to become more productive each day. In conclusion, I have come to read and understand how important study skills are in higher education. The first thing is to identify what type of learner you are and focus on the most important study skills. I have come across some understanding that if you lack in your study skills, there is a low chance of gaining good grades meaning less chance of a successful job application. As stated in the Dearing report (1997) the four main skills needed for success in the future and also Howard Gardner’s theory explaining how creative you should be in different ways of learning such as finding 8 different areas to learn that may help with your learning. I believe that we learn something new every day giving us the opportunity to move up a level of intelligence. How to cite Why Immigration Is a Controversial Issue in Uk, Essay examples

Supply Equilibrium Conditions

Questions: 1. Explain using a diagram what would happen in the market for car tires if at the same time there was an increase in the prices of rubber used in the production of tires and a decrease in the price for cars. Explain the effects on price and quantity. 2. In a perfectly competitive market for apples explain would happen in the shortrun to the market and to individual producers if the price for pears went up. Demonstrate your answer using a diagram. With reference to the same diagram show what would happen to the market and individual producers in the long-run. Answers: 1. If at the same time there is an increase in the prices of rubber and decrease in the prices of car, then supply of cars will decrease due to increase in production cost and demand of cars will increase due to fall in the price. It will make the demand curve shift to the right and supply curve shift to the left. The ultimate effect on equilibrium output and price depends on the rate at which the changes take place. If demand shifts more than the supply, then at new equilibrium, price and quantity both increases. If supply shifts more than the demand, then at new equilibrium, price increases, quantity demand decreases. If both the curve shifts at the same rate then only price increases and quantity demanded and supplied remains unchanged (Salter and Luther 2016). Figure 1: Demand Supply Equilibrium conditions Source: Author In figure 1, the first situation of the change is shown, i.e. shift in demand is greater than the shift in supply that leads to the increase in price and decrease in quantity demanded and supplied at the new equilibrium point B (Salter and Luther 2016). 2. In a perfect competitive market for apples, if the price of pears increases, then people will shift their demand to apples and the demand for apples will increase at the given market situation. It will create excess demand and will lead to increase in the price. Firm will earn supernormal profit due to rise in price in short run (Salter and Luther 2016). Figure 2: Short run equilibrium of Perfect Competition Market Source: Author Figure 1 shows the original equilibrium price and output at P1 and Q1 for the industry and q1 output for the firm. When the demand for apple increases, market equilibrium has shifted to P2 and Q2 and firms equilibrium shifts to q2 where it earns supernormal profit in short run, shown by the shade area in the graph (Salter and Luther 2016). In the long-run, the excess profit of the firm vanishes and firm again earns normal profit where total revenue is equal to total cost. Due to excess profit in the short run, new firms enter the market, industry supply increase and price falls, till the excess profit get exhausted. Hence, in the long run, market equilibrium comes back to P1 and Q1 (Case 2014). References Argy, V., 2013. International macroeconomics: theory and policy. Routledge. Burda, M. and Wyplosz, C., 2012. Macroeconomics: a European text. Oxford university press. Case, K.E., Fair, R.C. and Oster, S., 2014. Principles of Microeconomics. Pearson Higher Ed. Frydman, R. and Phelps, E.S., 2013. Rethinking expectations: The way forward for macroeconomics. Princeton University Press. Mankiw, N.G.R.E.G.O.R.Y., 2014. Principles of macroeconomics. Cengage Learning. Salter, A.W. and Luther, W.J., 2016. The Optimal Austrian Business Cycle Theory. In Studies in Austrian Macroeconomics (pp. 45-60). Emerald Group Publishing Limited.