Ifrs Adoption Into The Accounting System - 1307 Words

The Final Staff Report is completed by the SEC Staff to summarize the discussions of six main concerns related to the consideration of IFRS adoption into the Accounting System in the United States. The Staff focuses on collecting opinions from public reviewers who are professional in different fields, from outreaching specific commenters for asking relative concerns, and from scheduling meetings with professionals such as investors, regulators, and issuers to communicate about opinions of incorporating IFRS in the U.S. and rising attentions. In the report, the Staff points out six dominant issues, which arise with the Work Plan. Firstly, in order to converging IFRS effectively into the U.S. Financial Reporting System, the Staff, based on observations, indicates that IFRS needs adequate improvement on enhancing transparency of financial statements and reducing diversity during application process, which can greatly fulfill comparability of financial statements. Secondly, although the standard setting process of IFRS is commented as independent by most of reviewers, the Staff presents that IASB should improve one of components, which is timeliness, while further boosting IFRS standard setting process. It means that IASB should take more attention to enhance its timely manner on addressing rising issues of standard setting in order to accomplish the needs of investors. Thirdly, according to the observations and comments, the Staff points out U.S. investors show moreShow MoreRelatedAustralia s Local Government Ifrs Adoption1 310 Words   |  6 Pagesarticle named â€Å"The effect of IFRS Adoption on the financial reporting of local government entities† By Kamran Ahmed and Manzurul Alam aims at finding the changes of key accounting components surplus, equity and asset while changing accounting policy from Australian Accounting Standards (AAS) to International Financial Reporting System (IFRS).Introduction of International Financial Reporting System (IFRS) is thought to be a paradigm shifting event in financial reporting system. Australia is one of theRead MoreIfrs Of The Us And The World : Political And Economic Forces Shape Accounting1542 Words   |  7 PagesIFRS in the US and the World Political and economic forces shape accounting. The increased worldwide integration of politics and markets raises the necessity for integration of financial reporting standards. The integration is driven by the reductions in the costs of information processing and communication. International Financial Reporting Standards are a common business affair language in the globe for easier comprehension and comparison of company accounts across international boundaries (AICPA)Read MoreThe Impact Of Ifrs Adoption On Accounting Quality And Its Implication Essay1105 Words   |  5 PagesInternational Financial Reporting Standard (IFRS), there has been a heated debate over the effect of IFRS adoption on accounting quality and its implication. Understanding the role IFRS plays in enhancing the quality of accounting information, not only policy-makers and securities regulators can appropriately decide on which accounting standard to be implemented but the investors can also re-examine the reli ability of accounting information provided by firms applying IFRS. Having said that, numerous studiesRead MoreThe Harmonisation Of Accounting Standards1151 Words   |  5 PagesIntroduction The harmonisation of accounting standards across the world has been a controversial issues in accounting profession throughout a long period of time. Despite the long establishment of the International Financial reporting standards developed by the IASB, there are still a number of countries who resist to adopt the system comprehensively. Particularly, United Stated are developing their own accounting system instead of adopting the global standards. It is argued that IFRS is not potentially improvingRead MoreFinancial Management Coursework1694 Words   |  7 PagesDate _______________ Topic 4: Economic consequences of adoption of the International Financial Reporting Standards (IFRS) 000744245 Thi Hoai Ly Dinh 000745588 Phuong Thao Nguyen 000748773 Adjoba Houra Content Page Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.4 Mandatory IFRS adoption’s impact on analysts forecasts†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦5 The persistence of earnings and earnings components after the adoption of IFRS......................................................Read 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 MoreEarly Deployment Of The Dutch West Indies Company993 Words   |  4 PagesIndies Company (1609) is the beginning of the adoption of a sophisticated method of auditing.(Sukoharsono and Gaffikin, 1995) Hence, the double entry bookkeepi ng system idea was dispersed and established as a guideline. After a decade post the declaration of independence by Indonesia, in 1957, experts develops a new set of rules called IAI which was documented in a book termed PAI. However, in 1966, Indonesia began to adopt the International Accounting Standard Committee (IASC) guideline that thenRead MoreComparing the Gaap and Ifrs1051 Words   |  5 Pagesregard to the replacement of GAAP (Generally Accepted Accounting Principles) with IFRS (International Financial Reporting Standards) as used in the accounting and financial reporting aspects. Such convergence requires that the functions of the GAAP standards be added to the IFRS. The International Accounting Standards Board (IASB) developed the IFRS which is a less-detailed financial reporting system. This paper seeks to analyze the GAAP and the IFRS, their mandate and functions. Further, it shall compareRead MoreThe Adoption Of International Financial Reporting Standards1271 Words   |  6 PagesThe adoption of International Financial Reporting Standards [IFRSs] around the world has motivated empirical research that examines the effects it has on the accounting information. There is a visible contrast in these studies due to the use of various elements such as difference of researched countries, analysis periods, distinctive research design and reporting heterogeneous findings. Besides, there is also limited evidence of how the mandatory IFRS adoption affected the financial statements. HenceRead MoreFinancial Interests Of The Big 4 Accounting Firms And A Private Cartel Designed And Promoted For The Benefit Of Essay1427 Words   |  6 Pagespromoted for the benefit of the Big 4 accounting firms. This is not groundless suspicion in considering the mutual interests and alliance li e between them. Big accounting firms have always been involved in standard setting. Especially the Big 4, pointed out by Albu et al. (2011), always participate in standard setting process and develop guidance on the application of standards. In fact, a large part of the financing of the IASB is contributed by these firms. (IFRS, 2016). Meanwhile, although the process