Facilitating The Adoption Of Ifrs - 869 Words

Facilitating the Adoption of IFRS/IAS International financial reporting standards (IFRS) are the attempt of the International Accounting Standards Board (IASB) to globally harmonize accounting standards and financial reports (Doupnik Perera, 2014). Such standards are principles developed by the IFRS foundation and the IASB whose goal are to implement international accounting standards (IAS) which promote transparency, accountability, and efficiency of financial reporting to ensure organizations draft financial reports that are comparable internationally (IFRS Foundation, 2015). In an effort to facilitate the adoption of IFRS, accounting professional bodies worldwide such as the Institute of Chartered Accountants of Scotland (ICAS) have implemented initiatives to guide and train their members in understanding the new standards adopted within their espective country. The Institute of Chartered Accountants of Scotland. The Institute of Chartered Accountants of Scotland (ICAS) is the Scottish professional body of accountants established by Royal Charter in 1854. The purpose of the ICAS is to educate and regulate accountants, provide examinations and audits of organizations, maintain professional standards of accountants, and provide research for changes in the accounting profession worldwide (ICAS, 2015). The ICAS is governed by a council, oversight board, operation boards, qualification, technical policy, and member engagement board who monitor the strategy, budget andShow MoreRelatedGlobalization And Convergence Of Us.gaap Ifrs Standard As Prescribed By The Security And Exchange Commission ( Sec )1120 Words   |  5 PagesThere is a clear roadmap to social globalization and convergence of US.GAAP – IFRS Standard as prescribed by the Security and Exchange Commission (SEC) for users that set up financial statements in accordance with IFRS as issued by IASB. This followed would lead to a worldwide adoption of IFRS over the next few years. In his work, Barry (2009, p.26-27) states, â€Å"The advantage of a single set of financial reporting standards are manifest, particularly as internationalization of business activitiesRead MoreThe International Financial Reporting Standards895 Words   |  4 PagesArticle: 1 Adoption of IFRS by Central Government in UK The International Financial Reporting Standards (IFRS) have made an impact on the foundations of accounting, resulting in a different stance from the prior UK GAAP. Some of the more noticeable changes included; the increase of government resources being allocated to the standard. Companies will be required to provide all information of the incoming and expenditure of all money and assets under the new regulations. The presentationRead MoreIfrs Synthesis Essay1281 Words   |  6 Pagesstandards, 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 (IFRS), as promulgated by the Interna tionalRead MoreIfrs and Gaap Convergence1638 Words   |  7 PagesCruz   1       Week 8 Assignment 1 IFRS and GAAP Convergence Janet Rivera Cruz Prof. Basil Jackson Accounting 304 December 2, 2012 Cruz   2       The purpose of this paper is to describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years. IFRS is the principle based set of standards that establish standards and dictate specific treatments. 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Currently, accountants, managers andRead MoreThe Effects of Credit Management on the Profitability of Manufacturing Companies in Nigeria (a Case Study of Guiness Nigeria Plc3653 Words   |  15 Pagespractices will provide a â€Å"level playing field† for all companies worldwide (Murphy, 2000). IFRS are standards and interpretations adopted by the International Accounting Standards Board (IASB). They include: International Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and interpretation originated by the International Reporting Standards Interpretation Committee (IFRSIC) (Oyedele, 2011). IFRS represent a single set of high quality, globally accepted accounting standards thatRead MoreThe Adopting Process of International Financial Reporting Standard (Ifrs) on a Developing Economy5475 Words   |  22 PagesAbstract The study focused on the adoption process of International Financial Reporting Standards (IFRS) on a developing economy, with particular reference to Nigeria. The paper is based on the data obtained from literature survey and archival sources in the context of the globalization of International Financial Reporting and the adoption of International Financial Reporting Standards (IFRS).Nigeria has embraced IFRS in order to participate in the benefits it offers, including attracting foreignRead MoreThe International Accounting Standards Board Essay920 Words   |  4 PagesFirst, The International Accounting Standards Board (IASB) issues The International Financial Reporting Standards (IFRS) on U.S securities and exchange companies listed. So, the benefit behind the conceptual framework is increasing users’ understanding of financial reporting. Second, IASB cannot be alone without the implementation of IFRS. Also, IASB made it easy for companies to compare financial statements due to the procedural of IASB. However, it will enable auditors to quickly resolve financial