StudentShare solutions
Triangle menu

Finance and Accounting : The International Financial Reporting Standards - Research Paper Example

Nobody downloaded yet

Extract of sample
Finance and Accounting : The International Financial Reporting Standards

The International Financial Reporting Standards
The International Financial Reporting Standards (IFRS) are a set of guidelines and rules that guide accounting and financial professionals all over the world in preparing and reporting the financial information of business entities (AICPA, 2008). The IFRS set of guidelines were adopted by the International Accounting Standards Board (IASB) to guide the board in the regulation of the accounting professional industry. The IASB continually seeks to provide better quality accounting information for all its users; therefore, the IFRS were developed to address the growing demand for this quality information. The development and acceptance of the IFRS as internationally accepted guidelines is a process that started more than a decade ago, with the first introduction of the Financial Accounting Standards Board (FASB) to produce the Generally Accepted Accounting Principles (GAAP).
The setting of US accounting standards by the FASB needed to be universalized; therefore, the IASB was formed in 2001 to set internationally accepted accounting standards. This led to the development of the IFRS, which are standards that tend to converge on a solution for the international body of accounting. The formation of the IFRS included an adoption of the International Accounting Standards (IAS) that was being used by the IASC before the introduction of the IASB. The current composition of the IASB is still overseen by the IFRS foundation and a number of members drawn from the international body of accountants. ...
The structure of the IFRS is determined by the bodies that are mandated to determine their validity and application. As already stated, the IFRS are determined by the IASB, but the specific treatments contain therein comprise of four major factors, the IFRS, the International Accounting Standards (IAS), the Standing Interpretations Committee (SIC), and the conceptual framework (PWC, 2011). The construction of the IFRS is mainly based on the requirements of these bodies of rules, since the standards were formed as a means of unifying accounting reporting practice in the international community. As already stated, the IFRS were formed as a prelude to the IASC, and the IASC members are still considered members of the IFRS supervisory committee. The IASC board that was replaced by the IFRS was mainly composed of five member groups; the IASC board, the consultative group that represented a range of financial partners, the SIC, an advisory council, and steering committees that oversaw individual projects (PWC, 2011). This means that the IASC board was mainly a structure rather than a committee that oversaw the accounting profession. In 1997, the IASC was restructured to include a more internalized accounting field and perform its role more effectively. The restructuring of the IASC bore the IASB, which took effect in 2001 (PWC, 2011). The new accounting body, IASB, was organized under a new foundation called the IFRS foundation that sought to make accounting practices concerning financial reporting more effective (IASPLUS, 2011). The components of the new structure include the IASB, which has the full mandate of establishing the IFRS and the IFRS foundation to oversee the work of ...Show more
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Finance and Accounting Research Paper: The International Financial Paper”, n.d.)
Retrieved from https://studentshare.net/finance-accounting/3304-ifrs
(Finance and Accounting Research Paper: The International Financial Paper)
https://studentshare.net/finance-accounting/3304-ifrs.
“Finance and Accounting Research Paper: The International Financial Paper”, n.d. https://studentshare.net/finance-accounting/3304-ifrs.
  • Cited: 0 times

Summary

The founder of the IFRS, the IASB, is described, and its history as a global accounting body. This is followed by a description of the SAC, and the requirements of the IFRS. The GAAP, its difference with the IFRS, and the steps being taken to converge the two accounting models are then discussed. …
Finance and Accounting Research Paper: The International Financial Reporting Standards
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the research paper on your topic
"Finance and Accounting Research Paper: The International Financial Reporting Standards"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Finance and Accounting Research Paper: Corporate Financial Scandals
The company was formed in 1985 by Kenneth Lay, after the merger of Houston natural gas and inter-north. It was a natural gas, energy trading, and electrical utilities company which was based in Houston Texas. Before its bankruptcy, Enron employed roughly 21,000 people.
11 pages (2750 words) Research Paper
Finance: Fair value accounting during the financial crisis
Investigators have claimed that more than half of the global capital which was being pooled in from one end of the corner to another by the implication of financial products, have wiped out. There were a couple of factors that backed up the crisis including the low credit history borrowers who applied for subprime loans etc (Broadley).
22 pages (5500 words) Research Paper
International Financial Reporting Standards
These adjustments have necessitated changes in several business aspects, including adjustments in financial reporting techniques by organizations. There are various corporations, which are involved in international transactions. The current international market is demanding conformity in financial reporting principles.
3 pages (750 words) Research Paper
International Financing Reporting Standards
an increase in the need for the world to adopt the IFRS. The standards were originally developed by the European Union nations as a way of harmonizing their financial reporting standards. However over time many countries globally have adopted them as their financial reporting standards.
15 pages (3750 words) Research Paper
Financial Reporting Research Paper
In our case, profit from operations before interest and tax of 1654 has overstated profits. We need to deduct interest and tax to get the real value of profit after tax and interest. An increase in inventories reduces cash balance as well as increase in trade receivables.
6 pages (1500 words) Research Paper
International accounting standards
However, we will be focusing more on the International Financial Reporting Standards in Europe which are surveyed and controlled by the International Accounting Standards Board; if nothing but merely due to a lack of space.
6 pages (1500 words) Research Paper
International Financial Reporting Standards
The analysis to be presented in the report will be examined for its implications for Saudi based companies that are required to
8 pages (2000 words) Research Paper
International Accounting (Comparison)
It can well be argued that there is nothing new about “International Accounting”; indeed accounting has always been international. It has been international from the time it was originated. International accounting can be
6 pages (1500 words) Research Paper
Accounting (International Financial Reporting)
2010, para.1). “Composition of International Accounting Standard Board (IASB) 14 members, of whom one is appointed as Chair and
1 pages (250 words) Research Paper
U.S. Adopting the International Financial Reporting Standards
The US GAAP is a standard for financial accounting that sets down a framework of guideline for the jurisdiction in which it is followed. IFRS is the global language for maintaining company
6 pages (1500 words) Research Paper
Comments (0)
Click to create a comment
Let us find you another Research Paper on topic Finance and Accounting Research Paper: The International Financial Reporting Standards for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us