International Accounting is the international aspect of accounting encompassing accounting principles and reporting practices in different countries, foreign currency and exchange and the accounting of multinational companies and their subsidiaries.
The document discusses the global convergence of accounting standards, specifically the increasing adoption of International Financial Reporting Standards (IFRS) globally. It notes that over 100 countries now require or permit the use of IFRS. The document also discusses differences between IFRS and US GAAP, such as IFRS being more principles-based while US GAAP is more rules-based. The SEC roadmap for potential future adoption of IFRS for US public companies by 2016 is also summarized.
This document discusses International Financial Reporting Standards (IFRS) and their convergence with US GAAP, benefits of adopting IFRS in India, and challenges to implementing IFRS in India. It notes that the IASB and FASB have been working to converge IFRS and US GAAP since 2002. Adopting IFRS in India would provide benefits such as improved transparency, facilitating foreign investment and international business, and reducing compliance costs. However, implementing IFRS would also pose challenges for India like requiring dual reporting initially, amending laws and regulations, and costs of training stakeholders and modifying accounting procedures.
This document provides an overview of International Financial Reporting Standards (IFRS) and how they differ from Indian GAAP and US GAAP. It discusses the history and evolution of IFRS from the International Accounting Standards Committee in 1973 to today. Key differences between IFRS, Indian GAAP and US GAAP are outlined for inventory valuation, events after the balance sheet date, and treatment of prior period items and changes in accounting policies.
The document discusses India's convergence with IFRS and the opportunities it provides for chartered accountants in India. It outlines the ICAI and MCA's phased roadmaps for Indian companies, insurance companies, banks, and non-banking financial companies to converge with IFRS. It also discusses ICAI's initiatives to formulate converged standards and provide education/training on IFRS implementation.
International financial reporting standardsKushal Setty
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board to be the global standard for public company financial statements. More than 100 countries either require or allow the use of IFRS. Several countries including Canada, India, and the EU are transitioning to require IFRS by 2011. While IFRS adoption has benefits, there are also costs and challenges to the transition for companies and differences remain between IFRS and US GAAP standards.
IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB) that has become the global standard for public company financial statements. IFRS has been accepted in over 100 countries to increase transparency and comparability of financial information across borders. A survey showed that over 25,000 of approximately 48,000 listed companies on major global exchanges use IFRS standards.
This document provides an overview and analysis of the pros and cons of International Financial Reporting Standards (IFRS) for investors. The author acknowledges there is little established theory or evidence on the advantages and disadvantages of uniform accounting standards within or across countries. On the pro side, the author notes the success in developing comprehensive, high-quality IFRS standards and persuading almost 100 countries to adopt them. However, the author expresses concerns that differences in financial reporting quality among countries will still exist in implementation, concealed by a facade of uniform standards. The author is also skeptical that uniform standards alone will result in uniform financial reporting practice.
IFRS stands for International Financial Reporting Standards, which is a set of international accounting standards stating how transactions and events should be reported in financial statements. India has adopted the "all at once approach" to convergence where Indian Accounting Standards will fully converge with IFRS over time. There are multiple IFRS covering various accounting topics from business combinations to financial instruments. India's convergence phases will require the largest companies to adopt IFRS-converged financial statements beginning in 2011 based on their net worth, with smaller companies transitioning in later phases by 2013-2014.
The document discusses the global convergence of accounting standards, specifically the increasing adoption of International Financial Reporting Standards (IFRS) globally. It notes that over 100 countries now require or permit the use of IFRS. The document also discusses differences between IFRS and US GAAP, such as IFRS being more principles-based while US GAAP is more rules-based. The SEC roadmap for potential future adoption of IFRS for US public companies by 2016 is also summarized.
This document discusses International Financial Reporting Standards (IFRS) and their convergence with US GAAP, benefits of adopting IFRS in India, and challenges to implementing IFRS in India. It notes that the IASB and FASB have been working to converge IFRS and US GAAP since 2002. Adopting IFRS in India would provide benefits such as improved transparency, facilitating foreign investment and international business, and reducing compliance costs. However, implementing IFRS would also pose challenges for India like requiring dual reporting initially, amending laws and regulations, and costs of training stakeholders and modifying accounting procedures.
This document provides an overview of International Financial Reporting Standards (IFRS) and how they differ from Indian GAAP and US GAAP. It discusses the history and evolution of IFRS from the International Accounting Standards Committee in 1973 to today. Key differences between IFRS, Indian GAAP and US GAAP are outlined for inventory valuation, events after the balance sheet date, and treatment of prior period items and changes in accounting policies.
The document discusses India's convergence with IFRS and the opportunities it provides for chartered accountants in India. It outlines the ICAI and MCA's phased roadmaps for Indian companies, insurance companies, banks, and non-banking financial companies to converge with IFRS. It also discusses ICAI's initiatives to formulate converged standards and provide education/training on IFRS implementation.
International financial reporting standardsKushal Setty
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board to be the global standard for public company financial statements. More than 100 countries either require or allow the use of IFRS. Several countries including Canada, India, and the EU are transitioning to require IFRS by 2011. While IFRS adoption has benefits, there are also costs and challenges to the transition for companies and differences remain between IFRS and US GAAP standards.
IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB) that has become the global standard for public company financial statements. IFRS has been accepted in over 100 countries to increase transparency and comparability of financial information across borders. A survey showed that over 25,000 of approximately 48,000 listed companies on major global exchanges use IFRS standards.
This document provides an overview and analysis of the pros and cons of International Financial Reporting Standards (IFRS) for investors. The author acknowledges there is little established theory or evidence on the advantages and disadvantages of uniform accounting standards within or across countries. On the pro side, the author notes the success in developing comprehensive, high-quality IFRS standards and persuading almost 100 countries to adopt them. However, the author expresses concerns that differences in financial reporting quality among countries will still exist in implementation, concealed by a facade of uniform standards. The author is also skeptical that uniform standards alone will result in uniform financial reporting practice.
IFRS stands for International Financial Reporting Standards, which is a set of international accounting standards stating how transactions and events should be reported in financial statements. India has adopted the "all at once approach" to convergence where Indian Accounting Standards will fully converge with IFRS over time. There are multiple IFRS covering various accounting topics from business combinations to financial instruments. India's convergence phases will require the largest companies to adopt IFRS-converged financial statements beginning in 2011 based on their net worth, with smaller companies transitioning in later phases by 2013-2014.
This document provides an overview of International Financial Reporting Standards (IFRS) and Canada's adoption of IFRS beginning in 2011. It discusses the key concepts and differences between IFRS and Canadian GAAP, the timeline for adoption in Canada, and some of the challenges and focus areas for accounting firms in assisting clients with the transition to IFRS.
This document provides an overview of International Financial Reporting Standards (IFRS) and their adoption globally. It discusses the key standards bodies that establish IFRS and notes that over 100 countries now require or allow the use of IFRS. It also summarizes some of the main IFRS standards such as IAS 1, IAS 8, IAS 12 and others.
Certification and Training in International Financial Reporting Standards (IFRS)iACT Global
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.
India is one of the over 100 countries that have or are moving towards IFRS (International Financial Reporting standards) convergence with a view to bringing about uniformity in reporting systems globally, enabling businesses, finances and funds to access more opportunities.
ICAI has decided to implement IFRS in India. The Ministry of Corporate Affairs has also announced its commitment to convergence to IFRS.
(1) The document discusses International Financial Reporting Standards (IFRS), which are a set of international accounting standards used to report financial statements.
(2) It explores IFRS adoption in Africa, noting varying levels of capacity across countries from South Africa, which has highly developed capacity, to Francophone countries which may take decades to develop sufficient technical capabilities.
(3) Culture and international power politics are examined as potential influences on IFRS adoption decisions. Hofstede's cultural dimensions are used to analyze how culture may impact interpretations of standards. Powerful countries may resist IFRS to maintain standard-setting control.
The relevance of international financial reporting standards in the preparati...Alexander Decker
This document discusses the relevance of International Financial Reporting Standards (IFRS) in preparing and presenting financial statements in Nigeria. It notes that IFRS were developed to provide a single set of high-quality global accounting standards and help ensure comparability between financial statements prepared in different countries. The findings of the study showed that adopting IFRS in Nigeria would increase global investors' confidence in Nigerian companies' financial statements and allow those companies to raise more foreign funds. The document recommends providing more training on IFRS for professionals and companies in Nigeria to help with the transition to the new standards.
Major Differences Between US Gaap And IFRSguestf0e05d
This document outlines a presentation on major differences between US GAAP and IFRS, and the latest developments. It discusses the SEC's proposed roadmap for potential mandatory adoption of IFRS by US issuers, which includes a phased approach starting in 2014. While the former SEC chairman supported convergence, the new chairman has expressed concerns about independence of the IASB and readiness of US companies. However, there is strong international support for a single set of global accounting standards.
IFRS is a global accounting standard that aims to harmonize financial reporting. India is converging to IFRS in phases starting 2011 to improve access to foreign capital markets and enable comparability with global peers. While IFRS convergence provides benefits, it also poses challenges like shortage of expertise, impact on taxes and performance metrics, and compatibility with other Indian laws. Careful planning is required to fully realize the benefits of IFRS and overcome these challenges during the transition.
IFRS Master Class Workshop, 30-31 March 2016Tahir Abbas
A training program providing you with a completely up-to-date practical analysis of the complex requirements of International Financial Reporting Standards.
International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
IFRS were issued by the Board of the International Accounting Standards Committee (IASC), known as International Accounting Standard Board(IASB).
This chapter discusses financial reporting and accounting standards. It identifies the major financial statements and standard-setting bodies like the IASB and FASB. The objective of financial reporting is to provide useful information to capital providers. High-quality standards are necessary and IFRS are global standards used in over 100 countries. Financial reporting faces challenges like different political environments and an expectations gap between what accountants provide and users want.
The document provides an overview of the similarities and differences between US GAAP and IFRS accounting standards. Key similarities include financial statement components and accrual basis of accounting. Differences include requirements for comparative financial statements, classification of expenses, and presentation of discontinued operations. The document also discusses convergence efforts by standard setting boards and reasons why some differences still exist.
a brief summary of IND AS, describing the implication process and the benifits and disadvantages. keeping in mind the requirement of students presenting the slides in an atmosphere where students are present and some faculty members are present
This document provides a summary of the 2013 edition of IFRS in Your Pocket, which updates developments in international financial reporting standards (IFRS) through the first quarter of 2013. It covers background information on the International Accounting Standards Board (IASB) and the use of IFRS around the world. It also summarizes all current IFRS standards and interpretations and provides details on the IASB's agenda projects. The website IAS Plus is also introduced, which is a comprehensive online resource for information on IFRS.
This document provides information about Deloitte's IAS Plus website, which provides resources and information related to International Financial Reporting Standards (IFRS). The website offers daily news about financial reporting, summaries of all IFRS standards and interpretations, model financial statements and checklists, an electronic library of IFRS resources, and contact information for IFRS centers of excellence around the world.
IAS1 INTERNATIONAL ACCOUNTING STANDARD Presentation of Financial Statement un...Shuaib Adebayo
This document outlines a presentation on the presentation of financial statements. It discusses key topics like the qualitative characteristics of financial statements, components and elements of financial statements, recognition of elements, description of different financial statements, periods covered, approval process, disclosure requirements, and examples of statements prepared under IFRS like the statement of financial position, income statement, statement of changes in equity, and cash flow statement. The presentation also provides definitions and recognition criteria for assets, liabilities, income, and expenses.
International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board to establish consistent, transparent, and comparable financial reporting around the world. IFRS address record keeping, financial reporting, and other aspects of financial reporting. While not universal, with the US using GAAP, IFRS are used in the European Union, India, Hong Kong, Australia, and other countries. The objectives of IFRS include bringing uniformity to accounting practices, expanding global capital markets, enhancing transparency, and reducing reporting costs. Financial statements prepared under IFRS include a statement of financial position, statement of comprehensive income, statement of changes in equity, and cash flow statement.
IFRS originated in the European Union, with the intention of making business affairs and accounts accessible across the continent. The idea quickly spread globally, as a common language allowed greater communication worldwide.
This document provides an overview of International Accounting Standards (IASs). It notes that IASs were issued by the International Accounting Standards Council and are endorsed and amended by the International Accounting Standards Board. The document then lists over 40 individual IAS standards, showing the name, issue date, and brief description or status of each standard. It concludes by outlining the objective, scope, components, and requirements of IAS 1 on the presentation of financial statements.
This document outlines the requirements and guidance for a first-time adopter of International Financial Reporting Standards (IFRS) as provided in IFRS 1. It discusses the objective, scope, definitions, recognition and measurement principles, mandatory exceptions and optional exemptions to retrospective application that a first-time adopter must consider. It also provides examples of the phased transition approach to IFRS adoption in Ethiopia, including transition dates and timelines for different entities.
This document explains how to form possessive nouns in English. Possessive nouns show ownership or possession. To form a possessive noun, add an apostrophe (') and sometimes an "s" to the end of a noun. For singular nouns, add 's. For plural nouns ending in s, add just the apostrophe. For other plural nouns, add 's. There are examples given for each case. The document then provides practice sentences where the reader identifies the possessive noun.
This document provides an overview of International Financial Reporting Standards (IFRS) and Canada's adoption of IFRS beginning in 2011. It discusses the key concepts and differences between IFRS and Canadian GAAP, the timeline for adoption in Canada, and some of the challenges and focus areas for accounting firms in assisting clients with the transition to IFRS.
This document provides an overview of International Financial Reporting Standards (IFRS) and their adoption globally. It discusses the key standards bodies that establish IFRS and notes that over 100 countries now require or allow the use of IFRS. It also summarizes some of the main IFRS standards such as IAS 1, IAS 8, IAS 12 and others.
Certification and Training in International Financial Reporting Standards (IFRS)iACT Global
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.
India is one of the over 100 countries that have or are moving towards IFRS (International Financial Reporting standards) convergence with a view to bringing about uniformity in reporting systems globally, enabling businesses, finances and funds to access more opportunities.
ICAI has decided to implement IFRS in India. The Ministry of Corporate Affairs has also announced its commitment to convergence to IFRS.
(1) The document discusses International Financial Reporting Standards (IFRS), which are a set of international accounting standards used to report financial statements.
(2) It explores IFRS adoption in Africa, noting varying levels of capacity across countries from South Africa, which has highly developed capacity, to Francophone countries which may take decades to develop sufficient technical capabilities.
(3) Culture and international power politics are examined as potential influences on IFRS adoption decisions. Hofstede's cultural dimensions are used to analyze how culture may impact interpretations of standards. Powerful countries may resist IFRS to maintain standard-setting control.
The relevance of international financial reporting standards in the preparati...Alexander Decker
This document discusses the relevance of International Financial Reporting Standards (IFRS) in preparing and presenting financial statements in Nigeria. It notes that IFRS were developed to provide a single set of high-quality global accounting standards and help ensure comparability between financial statements prepared in different countries. The findings of the study showed that adopting IFRS in Nigeria would increase global investors' confidence in Nigerian companies' financial statements and allow those companies to raise more foreign funds. The document recommends providing more training on IFRS for professionals and companies in Nigeria to help with the transition to the new standards.
Major Differences Between US Gaap And IFRSguestf0e05d
This document outlines a presentation on major differences between US GAAP and IFRS, and the latest developments. It discusses the SEC's proposed roadmap for potential mandatory adoption of IFRS by US issuers, which includes a phased approach starting in 2014. While the former SEC chairman supported convergence, the new chairman has expressed concerns about independence of the IASB and readiness of US companies. However, there is strong international support for a single set of global accounting standards.
IFRS is a global accounting standard that aims to harmonize financial reporting. India is converging to IFRS in phases starting 2011 to improve access to foreign capital markets and enable comparability with global peers. While IFRS convergence provides benefits, it also poses challenges like shortage of expertise, impact on taxes and performance metrics, and compatibility with other Indian laws. Careful planning is required to fully realize the benefits of IFRS and overcome these challenges during the transition.
IFRS Master Class Workshop, 30-31 March 2016Tahir Abbas
A training program providing you with a completely up-to-date practical analysis of the complex requirements of International Financial Reporting Standards.
International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
IFRS were issued by the Board of the International Accounting Standards Committee (IASC), known as International Accounting Standard Board(IASB).
This chapter discusses financial reporting and accounting standards. It identifies the major financial statements and standard-setting bodies like the IASB and FASB. The objective of financial reporting is to provide useful information to capital providers. High-quality standards are necessary and IFRS are global standards used in over 100 countries. Financial reporting faces challenges like different political environments and an expectations gap between what accountants provide and users want.
The document provides an overview of the similarities and differences between US GAAP and IFRS accounting standards. Key similarities include financial statement components and accrual basis of accounting. Differences include requirements for comparative financial statements, classification of expenses, and presentation of discontinued operations. The document also discusses convergence efforts by standard setting boards and reasons why some differences still exist.
a brief summary of IND AS, describing the implication process and the benifits and disadvantages. keeping in mind the requirement of students presenting the slides in an atmosphere where students are present and some faculty members are present
This document provides a summary of the 2013 edition of IFRS in Your Pocket, which updates developments in international financial reporting standards (IFRS) through the first quarter of 2013. It covers background information on the International Accounting Standards Board (IASB) and the use of IFRS around the world. It also summarizes all current IFRS standards and interpretations and provides details on the IASB's agenda projects. The website IAS Plus is also introduced, which is a comprehensive online resource for information on IFRS.
This document provides information about Deloitte's IAS Plus website, which provides resources and information related to International Financial Reporting Standards (IFRS). The website offers daily news about financial reporting, summaries of all IFRS standards and interpretations, model financial statements and checklists, an electronic library of IFRS resources, and contact information for IFRS centers of excellence around the world.
IAS1 INTERNATIONAL ACCOUNTING STANDARD Presentation of Financial Statement un...Shuaib Adebayo
This document outlines a presentation on the presentation of financial statements. It discusses key topics like the qualitative characteristics of financial statements, components and elements of financial statements, recognition of elements, description of different financial statements, periods covered, approval process, disclosure requirements, and examples of statements prepared under IFRS like the statement of financial position, income statement, statement of changes in equity, and cash flow statement. The presentation also provides definitions and recognition criteria for assets, liabilities, income, and expenses.
International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board to establish consistent, transparent, and comparable financial reporting around the world. IFRS address record keeping, financial reporting, and other aspects of financial reporting. While not universal, with the US using GAAP, IFRS are used in the European Union, India, Hong Kong, Australia, and other countries. The objectives of IFRS include bringing uniformity to accounting practices, expanding global capital markets, enhancing transparency, and reducing reporting costs. Financial statements prepared under IFRS include a statement of financial position, statement of comprehensive income, statement of changes in equity, and cash flow statement.
IFRS originated in the European Union, with the intention of making business affairs and accounts accessible across the continent. The idea quickly spread globally, as a common language allowed greater communication worldwide.
This document provides an overview of International Accounting Standards (IASs). It notes that IASs were issued by the International Accounting Standards Council and are endorsed and amended by the International Accounting Standards Board. The document then lists over 40 individual IAS standards, showing the name, issue date, and brief description or status of each standard. It concludes by outlining the objective, scope, components, and requirements of IAS 1 on the presentation of financial statements.
This document outlines the requirements and guidance for a first-time adopter of International Financial Reporting Standards (IFRS) as provided in IFRS 1. It discusses the objective, scope, definitions, recognition and measurement principles, mandatory exceptions and optional exemptions to retrospective application that a first-time adopter must consider. It also provides examples of the phased transition approach to IFRS adoption in Ethiopia, including transition dates and timelines for different entities.
This document explains how to form possessive nouns in English. Possessive nouns show ownership or possession. To form a possessive noun, add an apostrophe (') and sometimes an "s" to the end of a noun. For singular nouns, add 's. For plural nouns ending in s, add just the apostrophe. For other plural nouns, add 's. There are examples given for each case. The document then provides practice sentences where the reader identifies the possessive noun.
Rajesh Kumar is a Chartered Accountant and MBA with over 6 years of auditing experience in a big audit firm and 1.5 years of finance experience in industry. He is seeking a managerial position in finance, internal/external audit. He has experience in accounting, IFRS financial reporting, auditing, cost accounting, and implementing accounting systems and software. He currently works as an Assistant Manager Finance in Dubai, where he prepares financial reports and budgets, manages receivables and payables, and oversees the finance department.
O documento discute a possível chegada de um planeta desconhecido, chamado de Planeta X, que traria grandes catástrofes para a Terra. O autor cita um livro lido em 1953 que já mencionava a chegada deste planeta, e acredita que ele possa "limpar" a humanidade de sua atual forma desumana. Ele também aponta evidências crescentes da existência deste corpo celeste e irá resumir informações sobre seus possíveis efeitos catastróficos na palestra.
This study evaluated the effectiveness of an 8-week mindfulness-based intervention called Mindfulness-Based Resilience Training (MBRT) for law enforcement officers. 43 police officers completed the MBRT program. Using statistical analyses, the study found significant improvements in self-reported mindfulness, resilience, stress, burnout, emotional functioning, mental health, physical health, anger, fatigue, and sleep following the program. While cortisol levels did not significantly change, improvements in mental health predicted lower cortisol levels after controlling for initial levels. This pilot study provides preliminary evidence that MBRT may help reduce stress and improve health outcomes for police officers. Larger, controlled studies are still needed.
Lean manufacturing is a systematic approach to eliminating waste in manufacturing processes. It was originally developed by Toyota executive Taiichi Ohno and focuses on eliminating the seven types of waste: transportation, inventory, motion, waiting, over-processing, overproduction, and defects. Implementing lean methods reduces waste, improves teamwork, allows for continuous process improvement, and streamlines manufacturing from start to finish.
Financial Reporting
Anas Alzadjali
ST10299
Roslin Lazarus
Introduction
Analysis of different regulatory framework and governance applicable GIC’s investment strategies and current market operations.
Based on the published annual report of GIC for the year 2019.
ASSUMPTION
GIC consider establishing a joint stock company as a part of its expansion plan
This presentation analysis different regulatory framework and governance applicable to GIC’s investment strategies and current market operations based on the published annual report of GIC for the year 2019, with the assumption that GIC is seriously considering establishing a joint stock company with majority controlling interest in Singapore and India as a part of its expansion plan.
2
Continuation
Financial reporting is the declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time.
Financial reporting standards are the keys that defines the practice standards and financial accounting policies and performs as its basis.
Enhances the financial reporting openness in an international position.
Performs as the accounting end product.
Definition
Financial reporting : declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time.
Financial reporting standards: keys that defines the practice standards and financial accounting policies and performs as its basis.
Enhances the financial reporting openness in an international position.
Performs as the accounting end product.
Components of the financial reporting include;
The Financial statement
Notes to the Financial statement
The prospectus
The Management discussion and analysis
3
Elements Of Financial Statement
The financial statement elements are;
Income Statement : Expenses, Revenues, Purchases and Sales
Balance Sheet: Assets , Liabilities and Capital
Cashflow statement: cashflow from operating activities, investment and financing.
Change in equity.
And notes
Financial statement comprise the critical report of the business that gives financial information which can be used by the stakeholders.
The financial statement elements are;
Income Statement covering expenses, revenues, purchases and sales
Balance Sheet covering assets , liabilities and capital
Cashflow statement covering cashflow from operating activities, investment and financing.
Change in equity showing any change in equity over the period
And notes that gives explanations to the statements.
4
Financial Reporting Objective
Financial statements have been prepared in accordance with: International Financial Reporting Standards (IFRSs),
Applicable disclosure requirements of the Capital Market Authority (CMA)
Relevant requirements of the Commercial Companies Law.
Their objectives are:
To provide information concerning the financial posi ...
11.emergence of international financial reporting standard in india accountin...Alexander Decker
This document summarizes the rationale for India's adoption of International Financial Reporting Standards (IFRS). It discusses how globalization has increased demand for comparable financial reporting across borders. While basic accounting principles are widely accepted, different countries have implemented them in different ways, reducing comparability. The document outlines the benefits of IFRS adoption in India, including enhanced comparability, reliability of financial reporting, and access to global capital markets. It also describes the process of convergence between Indian accounting standards and IFRS and major differences between the two frameworks.
This document provides an overview and introduction to International Financial Reporting Standards (IFRS) and the convergence of Indian Accounting Standards (Ind AS) with IFRS. It discusses the scope and background of IFRS and Ind AS, lists the Ind AS standards and their corresponding IFRS/IAS standards. It also outlines the roadmap for implementation of Ind AS in India, which will begin with voluntary adoption in 2015 and mandatory adoption in phases starting in 2016. The convergence of Ind AS with global IFRS standards is aimed at enhancing transparency and comparability of financial reporting in India.
This document provides an overview of convergence to International Financial Reporting Standards (IFRS). It discusses the history and development of IFRS, including the establishment of the International Accounting Standards Board. It also outlines India's roadmap for adopting converged Indian Accounting Standards (Ind AS) and the differences between IFRS, US GAAP, and Ind AS. Additionally, it covers the benefits and challenges of convergence, components of IFRS, and the standard setting process in India.
According to International Accounting Standard Board (IASB), the objective of financial reporting is “to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.”
This document provides an overview of International Financial Reporting Standards (IFRS) and their adoption in India. Some key points:
- IFRS are a set of global accounting standards developed by the International Accounting Standards Board to increase capital flow across borders. Over 100 countries have adopted or are adopting IFRS.
- India has decided to adopt IFRS for listed and large public interest companies starting April 1, 2011. The Institute of Chartered Accountants of India and Ministry of Corporate Affairs are overseeing the convergence of Indian accounting standards with IFRS.
- Adopting IFRS is expected to improve financial reporting quality and comparability in India, helping lower the cost of capital and attract
This document provides an overview of International Financial Reporting Standards (IFRS). It defines IFRS and discusses their meaning and relevance in India. It outlines the objectives and benefits of IFRS, as well as some of the challenges in implementing them, such as differences from Indian GAAP and the costs of transitioning accounting systems. The document also lists the individual IFRS standards issued by the IASB and discusses the process for setting IFRS.
International financial reporting standards (ifrs)Nikhil Priya
The document provides information about International Financial Reporting Standards (IFRS):
1. IFRS are established by the International Accounting Standards Board (IASB) to develop a single set of high-quality global accounting standards.
2. The objectives of IASB are to develop high-quality understandable global standards, promote their use, and work to converge national standards with IFRS.
3. Adopting IFRS allows multinational businesses to use the same accounting practices worldwide, facilitates comparison of financial statements globally, and enables access to international capital markets.
This document provides an overview of International Financial Reporting Standards (IFRS) and their adoption and implementation in India. It discusses the benefits of adopting IFRS such as improved comparability and transparency of financial reporting globally. It also outlines the structure and governance bodies of IFRS such as the International Accounting Standards Board. For India, it states that listed and large public interest companies will adopt IFRS starting April 1, 2011 to facilitate the globalization of accounting standards. The convergence of Indian GAAP with IFRS standards will help improve financial reporting quality while bringing opportunities and challenges for Indian companies.
International financial reporting standardsBiswajit Paul
The document discusses the key differences between product controls and process controls as approaches to quality management. Product controls focus on inspection and sorting of finished products to identify defects, while process controls aim to prevent defects by rigorously controlling and monitoring manufacturing processes. Process controls can achieve higher quality but require more extensive documentation, calibration, and measurement compared to product controls. The choice of approach has important implications for costs, waste, management expectations, and regulatory compliance.
This document provides an overview and outline of Chapter 18 which discusses international accounting issues. It examines factors that influence the development of accounting practices in different countries and the global convergence of standards. It also discusses how companies account for and translate foreign currency transactions and financial statements. Performance evaluation of foreign operations is complicated by issues like transfer pricing and foreign exchange rates. The balanced scorecard framework is introduced as an approach to evaluate performance from multiple perspectives.
The document provides an overview of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). It discusses how GAAP is established by individual countries while IFRS was developed by the International Accounting Standards Board to address issues with companies operating in multiple countries. The document also notes some key differences between GAAP and IFRS, such as GAAP being more rules-based while IFRS is more principles-based.
IAS / IFRS Basic understanding
Learning outcomes
(1) What is IAS?
(2) What are International Financial Reporting Standards (IFRS)?
(3) Understanding International Financial Reporting Standards (IFRS)
(4) From IAS to IFRS
(5) GAAP vs IFRS vs IAS
(6) Standard IFRS Requirements
(7) IFRS vs. American Standards
(8) Composition of IFRS
(9) History of IFRS
(10) Combination of Accounting Standards
(11) List of International Financial Reporting Standards (IFRS)
(12) List of International Accounting Standards (IAS)
(13) List of IFRIC Interpretations
(14) List of SIC Interpretations
(15) List of Other pronouncements
(16) Adaption of IAS/IFRS in Bangladesh
(17) Adaption of IAS/IFRS in Bangladesh in Future -FRC
(18) Overview of IAS-1: Presentation of Financial Statements
(19) Overview of IAS-2: Inventories
(20) Overview of IAS-7: Statement of Cashflow
(21) Overview of IAS-8: Accounting Policies, Changes in Accounting Estimates and Errors
(22) Overview of IAS-10: Events After the Reporting Period
(23) Overview of IAS-12: Income Taxes
(24) Overview of IAS-16: Property, Plant and Equipment
This document provides a summary of key requirements from International Financial Reporting Standards (IFRS) related to accounting principles, the income statement, balance sheet, consolidated financial statements, and industry topics. It discusses recognition and measurement requirements for various financial statement line items and transactions such as financial instruments, employee benefits, revenue recognition, business combinations, and more. The document is intended to provide a high-level overview of IFRS for reference purposes and directs the reader to more comprehensive guidance on specific standards for detailed information.
Emergence of international financial reporting standard in india accounting s...Alexander Decker
This document discusses the emergence of International Financial Reporting Standards (IFRS) in India's accounting system. It notes that globalization has increased demand for comparable financial reporting across borders. While basic accounting principles are widely accepted, application differences between countries create non-optimal information for financial statement users. Adopting IFRS would help harmonize rules and allow easier cross-border investments and business decisions. The document examines rationales for India adopting IFRS, differences between IFRS and Indian standards, and challenges of convergence, such as conflicting regulations and technical preparedness. Overall, a common global reporting language using IFRS could improve capital allocation and investor confidence internationally.
- The document summarizes recent developments in International Financial Reporting Standards (IFRS), including delays in convergence projects between the IASB and FASB, new standards and pronouncements issued, and differences in IFRS adoption across countries.
- Key countries' approaches to adopting IFRS for statutory versus listed company filings are reviewed, with most requiring IFRS for consolidated listed company filings but maintaining local GAAP for statutory filings.
- Oversight of the IASB and concerns about independence are discussed, as well as recommendations for the SEC as it considers a potential future adoption of IFRS in the US.
This document provides an overview of International Financial Reporting Standards (IFRS). It discusses that IFRS are a global set of accounting standards developed by the IASB to provide consistency in how public companies report financial information. It also outlines the importance of IFRS in allowing easier comparison between companies, as well as advantages like increased investment and disadvantages like increased costs of transition and potential differences in interpretation. Finally, it lists the key components required in IFRS financial statements and provides a listing of the individual IFRS standards.
International Financial Reporting Standards- IFRSDipu Thomas joy
International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a common global language for business affairs. IFRS provide guidelines for financial statements to be comparable, understandable, reliable and relevant across international boundaries. Over 110 countries either require or allow the use of IFRS. While IFRS and Indian accounting standards have many similarities, there are some differences in areas such as classification of expenses, treatment of government grants, and requirements for interim financial reporting. Adoption of IFRS aims to improve transparency and access to global capital.
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9
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A change towards recognition in accounting standards at the global level
1. A Change towards Recognition in Accounting Standards At the Global Level
As we progress towards the latter half of the second decade of the twenty-first century, we
inevitably come across a rising spade of International Trade. As an offshoot, International
Accounting is also gaining its prominent position. Simply stated, International Accounting is the
international aspect of accounting encompassing accounting principles and reporting practices
in different countries, foreign currency and exchange and the accounting of multinational
companies and their subsidiaries.
If we compare some of the traditional areas of accounting, we find a lot of changes from one
country to another. These are due to the differences in business environment, culture and the
traditional bookkeeping practices. If we compare the accounting practices of India and the USA,
we find some of the major differences listed below in a tabulated form here:
Table:Accounting Differences in the India and USA
S. No Basis India USA
1 Preparation of
Financial
Statements
In accordance with the
requirements of Schedule VI of
the Companies Act, 1956.
Not required to be prepared under
any specific pro forma as long as
they comply with the disclosure
requirements of US Generally
Accepted Accounting Standards
(US GAAP).
2 Earnings Per
Share (EPS)
No disclosures requirements
except those under Schedule VI
of the Companies Act,1956
Data disclosure is mandatory.
3 Fixed Assets &
Depreciation
Revaluation of assets is allowed.
Depreciation is based on rates set
out in Schedule XIV of the
Companies Act, 1956.
Revaluation of assets is not
allowed. Depreciation is over the
useful economic lives of assets.
Depreciation as well as profit & loss
are based on historical cost.
4 Disclosure of
Current and Long
Term Components
Mandatory disclosure of current
and long term components is not
needed except for fixed assets,
current assets, secured &
unsecured loans and current
liabilities.
Mandatory disclosures about
current and long-term components
separately are needed. Current
component normally refers to one
year of the period of operating
cycle.
5 Treatment of
Foreign Exchange
Loss/Gain
Foreign Exchange fluctuations on
liabilities incurred for fixed assets
can be capitalized.
Foreign Exchange gain/loss is taken
in the income statement.
2. The discussions on overcoming these widespread accounting differences have always been a
topic for debate among accountants across the globe. A major lead in this context has been the
International Accounting Standards Committee (IASC) was founded in June 1973. IASC was
replaced by the International Accounting Standards Board on 1 April 2001. It was responsible
for developing the International Financial Reporting Standards (IFRS) and promoting the use
and application of these standards. The general features in IFRS are its valuable guidelines with
regard to:
● Fair presentation and compliance with IFRS.
● Going concern concept.
● Accrual basis of accounting.
● Materiality and aggregation.
● Frequency of reporting.
● Consistency of presentation.
IFRS has also formulated a timeline for its object of globalization of accounting standards
beginning with:
2008
● Establishment of IFRS Taskforce.
2009~2011
● Acquisition of authorization to translate IFRS.
● Translation, review, and issuance of IFRS.
● Analysis of possible IFRS implementation problems, and resolution thereof.
● Proposal for modification of the related regulations and supervisory mechanisms.
● Enhancement of related publicity and training activities.
2012
● IFRS application permitted for Phase I companies.
● Study on possible IFRS implementation problems, and resolution thereof.
● Completion of amendments to the related regulations and supervisory mechanisms.
● Enhancement of the related publicity and training activities.
2013
● Application of IFRS required for Phase I companies, and permitted for Phase II
companies.
● Follow-up analysis of the status of IFRS adoption, and of the impact.
2014
● Follow-up analysis of the status of IFRS adoption, and of the impact.
2015
● Applications of IFRS required for Phase II companies.
3. In terms of advantages, IFRS has the following aims:
● More efficient formulation of domestic accounting standards and international
competitiveness of our local capital markets;
● Better comparability between the financial statements of companies in different
countries;
● Importantly, it obviates the need for local companies seeking overseas business to
redesign their financial statements for other markets.
Thus, as we move from national markets to global markets and multinational companies, the
initiative for standardized accounting practices will be beneficial to the businesses, clients,
subsidiaries, governments and the general masses. It will set uniform standards which will
ensure greater transparency and usability of accounts and thus promote business expansion at
a much faster pace benefiting all stakeholders of any business.