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The document discusses the United States' potential adoption of International Financial Reporting Standards (IFRS). It outlines some of the challenges and milestones that must be overcome, including improvements to accounting standards and education/training. The Securities and Exchange Commission is considering a limited early adoption of IFRS for some large companies but has not implemented a mandatory adoption yet. U.S. businesses are estimated to spend around 0.05% of revenue to switch to IFRS. However, accounting professors have a hard time developing curriculum to incorporate IFRS due to a lack of support and training.
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PronouncementDescribe what the company is currently doing un.docx
Pronouncement
Describe what the company is currently doing under GAAP.
What changes will occur under IFRS?
How will the transition to IFRS impact the company?
IFRS 1: First-time Adoption of International Financial Reporting Standards
IFRS 15: Revenue from Contracts with Customers
IAS 1:Presentation of Financial Statements
IAS 7: Statement of Cash Flow
IFRS 13:Fair Value Measurement
IAS 2: Inventory Accounting
IAS 16: Property, Plant and Equipment
IFRS 9: Financial Instruments
IAS 12: Income Taxes
IAS 17: Leases
IAS 10: Events After the Reporting Period
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[Name of Company]
1
Running head: IMPACT ANALYSIS
5
IMPACT ANALYSIS
Adoption of International Financial Reporting Standards (IFRS)
Unit 1 IP
Betty Thompson
ACCT655-1702A-01
Dr, Bih Horng-Chiang
April 16, 2017
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Effects of adoption of IFRS 15 on the Statement of Cash Flows 5
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1. The document advertises an upcoming accounting conference on IFRS to be held in Dubai in May 2014. It provides details on the conference agenda, speakers, masterclasses, and registration information.
2. Over 30 CFOs and IFRS experts from the region will speak at the conference on latest IFRS developments and their practical implementation. Pre-conference masterclasses and post-conference technical sessions will also be offered.
3. Attendees will gain insights on implementing new IFRS standards like IFRS 10, 11, 12, and 13 through case studies and best practices shared by regional practitioners. The conference aims to help attendees benchmark their IFRS knowledge and application strategies.
Major Differences Between US Gaap And IFRS
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.
Challenges in Convergence of India GAAP to IFRS by Yash Batra
The purpose of this presentation is to summarize the key challenges in the convergence of India GAAP to IFRS for academics purpose.
Surrey Thesis 2012
This document is a thesis submitted by Vasileios Anastasopoulos to the University of Surrey in partial fulfillment of a Master of Science degree in International Financial Management. The thesis examines the impact of adopting International Financial Reporting Standards (IFRS) on earnings management among FTSE 100 companies. It analyzes total and discretionary accruals before and after the 2005 adoption of IFRS in the European Union to determine if IFRS enabled greater earnings manipulation. The literature review discusses IFRS, earnings management, prior studies on the IFRS impact, and the methodology used to measure discretionary accruals. Statistical analysis is performed on the sample to explore changes in accruals pre and post-
Introduction to IFRS
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.
Case Study IFRS Implementation
This document discusses Siemens' implementation of International Financial Reporting Standards (IFRS). It notes that IFRS standards aim to introduce consistency to global financial reporting. European Union companies were required to use IFRS starting in 2005. Siemens, which was listed on the New York Stock Exchange and previously used US GAAP, transitioned to IFRS in 2008. The author's job responsibility involved implementing IFRS for Siemens' Telecommunications division within the defined timeframe.
International Financial Reporting Standards (IFRS)
Accounting for Managers
International Financial Reporting Standards(IFRS) – Meaning or Definitions
Frameworks for IFRS
Importance
Advantages & Disadvantages
Requirements of the IFRS
C V
- The document is a 5 page curriculum vitae for Mustafizur Rahaman that details his professional qualifications, academic qualifications, work experience, and personal information.
- He is currently serving as the Company Secretary and Manager of Finance & Accounts at Royal Homes Limited and Royal Educare Limited in Sylhet, Bangladesh, managing their finance, accounting, and company affairs.
- His professional qualifications include studying for the ACCA and having completed the CA from the Institute of Chartered Accountants of Bangladesh.
- He has over 8 years of work experience in finance, accounting, audit, and company secretarial roles at various organizations in Bangladesh.
Info ca1185 guide_en
The document provides an overview and guide to Canada's transition to adopting International Financial Reporting Standards (IFRS) for publicly accountable enterprises. Some key points:
- Canada will replace Canadian GAAP with IFRS for publicly accountable enterprises beginning January 1, 2011, after a five-year transition period.
- The Canadian Accounting Standards Board is responsible for the transition and is converging Canadian GAAP with IFRS over time.
- Adopting IFRS will improve the clarity and comparability of financial reporting globally and eliminate the need for reconciliations between different national standards.
- The transition will require education, assessment of impacts, and planning by affected organizations to ensure a smooth changeover
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Presentation
- 1. UNITED STATES’ ADOPTION OF IFRS By: Chris Smith, Rocio Hernandez, & Seong Ug In
- 4. Securities and Exchange Commission
- 6. U.S. Companies & Businesses